Intimation regarding request received for reclassification from promoters to non-promoter category under regulation 31A of SEBI (LODR) 2015
Awaiting price reaction for this filing.
Grand Foundry Ltd has received a request from three promoters — Ms. Heena Ashok Mehta, Ms. Minal Kiran Jangla, and Ms. Namita Hiten Jangla — to be reclassified from the 'Promoter' category to the 'Public' category under SEBI LODR Regulation 31A(10). These promoters have already sold their entire shareholding of 2,13,33,750 equity shares to the new promoter, along with complete management control, in compliance with SEBI SAST Regulations. The open offer to shareholders was completed on 20 January 2023. The three individuals currently hold zero shares and are not involved in the company's day-to-day operations. The Board of Directors will consider the reclassification request in its meeting scheduled for 21 April 2025.
This is a procedural housekeeping step after an already-completed change in promoter control. For existing shareholders, it formalises the exit of the previous promoters and should have no new impact on the stock price, as the actual share transfer and open offer happened back in 2022-23.