Approval of requests of Reclassification from Promoter Group category to public Category pursuant to Regulation 31A of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015
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Nimbus Projects Ltd's Board has approved the reclassification requests from four members of the Promoter Group to the Public category. The applicants are Mr. Nem Chand Jain (5,200 shares, 0.03%), Mr. Sunil Jain (1,000 shares, 0.01%), Mr. Anil Jain (800 shares, 0.00%), and Mr. Raj Kumar Agarwal (1,800 shares, 0.01%), totaling 8,800 shares or approximately 0.05% of paid-up capital. The Board noted that shareholder approval is not required as these persons hold less than 1% of total voting rights together. The reclassification is subject to approval from BSE and NSE. The Board confirmed that these persons do not exercise control, are not on the Board, and do not hold key managerial positions in the Company.
The impact on the stock is minimal as the total shares being reclassified are only 0.05%. This is an administrative change in shareholder classification rather than actual share sales. Shareholders need not be concerned as the persons leaving the promoter group have no influence over the Company's affairs.