Max Estates Limited has informed the Exchange regarding 'Intimation of the decision of the National Stock Exchange of India Limited on the application for re-classification in relation to Ms. Neelu Analjit Singh from Promoter and Promoter group to Public category as per Regulation 31(A) of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.'.
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NSE has given its decision on Max Estates' application to reclassify Ms. Neelu Analjit Singh from the 'Promoter and Promoter Group' category to the 'Public' category under Regulation 31(A) of SEBI LODR Regulations, 2015. This is a change in shareholding classification status, not a sale of shares. The specific details of the decision (approval or rejection) and the shareholding quantum involved are not mentioned in this headline. The move, if approved, would shift her holdings from the promoter group tally to the public shareholder count.
If approved, the promoter group's aggregate shareholding percentage will reduce on paper, as her shares will now be counted under public category. This does not involve any share sale and is largely an administrative reclassification.