KOTIC · price
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Awaiting price reaction for this filing.
The Board of Directors of Kothari Industrial Corporation approved the reclassification of three parties — Saloman Investment Limited, Ms. Asha Thayer, and Mr. Mohan Das — from the 'Promoter and Promoter Group' category to the 'Public' category. Each of these parties holds less than 1% of the total voting rights in the company and has no controlling interest, which is why shareholder approval is not required. The reclassification is being done under Regulation 31A of the SEBI (LODR) Regulations, 2015, and is still subject to approval from BSE. The reclassified persons must continue to comply with all SEBI conditions for at least three years, failing which they can be moved back to the promoter category. The application to BSE will be filed shortly.
This is a procedural change with minimal direct impact on stock price. It slightly reduces the promoter group's classified shareholding (by less than 3% combined) and shifts those holdings into the public category, marginally increasing the public share classification.