Indosolar seeks reclassification of five promoter-group shareholders to Public

Ownership Changes View source PDF Explain this filing

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AI summary

Indosolar has filed an application with BSE and NSE to reclassify five shareholders - Hulas Rahul Gupta, Bhushan Kumar Gupta, Priyadesh Gupta, Abha Gupta, and Greenlite Lighting Corporation - from the Promoter and Promoter Group category to the Public category. This follows the NCLT order dated April 21, 2022, approving a resolution plan under the insolvency process. The company notes that under Regulation 31A(9), this disclosure may not be strictly required, but it is filing it based on discussions with the stock exchanges.

Likely market impact

If approved, these shareholders will move from promoter to public category, which will reduce the promoter group's effective shareholding in the company.