Gravita India Limited has informed the Exchange regarding 'Intimation pursuant to Regulations 30 and 31A of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015 ("Listing Regulations") - Demise of Dr. Mahavir Prasad Agarwal, Promoter of the company'.
GRAVITA · price
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Gravita India has informed stock exchanges about the passing of Dr. Mahavir Prasad Agarwal, one of the company's promoters. Importantly, he did not directly hold any shares in the company. He was a trustee of the Agrawal Family Private Trust, which is a promoter entity holding 23.50% stake in Gravita India. Under Regulation 31A(6)(c), he will cease to be classified as a promoter of the company. The company filed this intimation in compliance with SEBI Listing Regulations.
Since Dr. Agarwal held no direct shares and the Agrawal Family Private Trust's 23.50% stake remains unaffected, there should be no immediate change in ownership or shareholding structure. The transition is procedural and unlikely to materially impact the stock, though succession and trustee changes within the family trust may be watched by investors.