Disclosure on Board Approval for re-classification requests under Regulation 31A of SEBI Listing Regulations
HESTERBIO · price
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The Board of Directors of Hester Biosciences has approved the re-classification of Mr. Ravin Gandhi and Ms. Bela Gandhi from the 'promoter' category to 'public' category shareholders. These two individuals, who are part of the Promoter group, have submitted requests for this change. The Board has approved submission of the application to BSE and NSE for obtaining a No Objection Certificate. The applicants have confirmed they satisfy the conditions specified under Regulation 31A(3)(b) of SEBI LODR Regulations. The re-classification remains subject to approval from the Stock Exchanges.
When promoters request re-classification to public shareholders, it typically indicates they are reducing their promoter stake or intent to sell shares. This may lead to dilution of promoter holding and increased public shareholding in the company.