Praxis Home Retail Limited has informed the Exchange regarding approval of Board in relation to reclassification of shareholding from Promoter and Promoter Group Category to Public Category under Regulation 31A of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 (SEBI Listing Regulations) '.
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The Board of Praxis Home Retail has approved the reclassification of founder Mr. Kishore Biyani and all persons/entities acting in concert with him from the 'Promoter and Promoter Group' category to the 'Public' category under SEBI Regulation 31A. The Promoter and Promoter Group currently hold 9.92% of paid-up equity (about 1.34 crore shares), and upon completion of this reclassification, their holding will drop to zero, making the company a 'listed entity with no Promoter.' The move follows a request from Mr. Biyani dated June 9, 2025, and a confirmation from the Resolution Professional of Future Corporate Resources Private Limited, which is currently under corporate insolvency resolution since September 2024. The reclassification is still subject to shareholder approval (via EGM or postal ballot) and final nod from BSE and NSE.
Praxis Home Retail will become a promoter-less listed company, with the Biyani family's formal association ending. While this signals clean governance and removes Future Group's overhang, it also means no anchor promoter remains, which may be viewed cautiously by investors looking for committed long-term shareholders. The change is not yet final and awaits shareholder and exchange approvals.