Please find enclosed requests received from Persons belonging to Promoter Group seeking reclassification from Promoter Group to Public.
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Awaiting price reaction for this filing.
Purple Finance Ltd has received requests from two members of its Promoter Group — Satyaprakash Pathak (holding 2.11%, i.e., 11,46,735 shares) and Ranjana Pathak (holding 7.67%, i.e., 41,72,362 shares) — seeking reclassification from the 'Promoter Group' category to the 'Public' category under Regulation 31A of SEBI LODR Regulations. Together, they account for about 9.78% of the company's paid-up share capital. Both applicants have confirmed that they do not exercise control over the company, are not on the board, do not hold any special rights, and are not classified as willful defaulters or fugitive economic offenders. The Board of Directors will consider these reclassification requests in the next board meeting, after which the company will apply to BSE for approval.
If approved, the promoter group's collective stake in Purple Finance will shrink by around 9.78%, increasing the public float and potentially improving liquidity. For shareholders, this signals a reduced promoter influence in the company, though the reclassification is subject to BSE and Board approval.