Motilal Oswal Financial Services Limited has informed the Exchange about Intimation of submission of Application for Reclassification of certain members from Promoter Group Category to Public Category
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Motilal Oswal Financial Services Limited has submitted an application to both BSE and NSE seeking approval for reclassifying 11 members of the Promoter Group into the Public category. The individuals include Smt. Ansi Devi Oswal, Mr. Javerilal Oswal, Mr. Kamlesh Salecha (legal heir), Mr. Rajendra Oswal, Mr. Govind Deo Agarawal, Mr. Satish Agrawal, Mr. Karoon Agrawal, Mr. Sukhdeo Agarawal, Mrs. Anita Agrawal, Mr. Vinay Agrawal, and Mrs. Suman Agrawal. Together they hold 24,45,412 shares representing 0.42% of the company's total shareholding. Two members hold zero shares, and the rest hold individually negligible stakes of 0.04% to 0.07% each. The reclassification is sought under Regulation 31A of the SEBI Listing Regulations.
The reclassification removes a very small portion (0.42%) of shares from the promoter group category, which is marginally positive for public shareholding compliance. However, the individual stakes are so small that the direct impact on the stock is negligible.