Intimation of request received for reclassification by person falling under "Promoter" under Regulation 31A SEBI (Listing Obligations & Disclosure Requirements) Regulations, 2015
Awaiting price reaction for this filing.
Excel Paints Private Limited has requested reclassification from Promoter to Public category under Regulation 31A of SEBI (LODR) Regulations. The company holds 2,800 shares representing just 0.09% of total share capital. Excel Paints states it has had no association with the business or management of the company for many years, does not hold rights to appoint Directors, and does not exercise control over management or policy decisions. The request will be considered by the Board of Directors and is subject to Stock Exchange approval. This is a material event disclosure under Regulation 31A(8)(a).
A minor promoter (0.09% stake) is exiting the promoter group, which marginally reduces the promoter holding in the company. The impact on stock is negligible given the small percentage, but signals intent by a historical promoter to distance itself from the company.