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Purple Finance Ltd's Board has approved reclassifying 10 individuals from the 'Promoter Group' to the 'Public' category under SEBI LODR Regulation 31A, subject to shareholder and stock exchange approval. The reclassification covers a combined holding of approximately 57.04 lakh shares, representing about 9.57% of the company's equity. Notable names include Satyaprakash Pathak (2.11%), Sunilkumar G Mittal (1.83%), and Anil Prithviraj Kumar (1.39%). The company has filed an application with BSE seeking no-objection for this reclassification.
This reclassification will reduce the promoter group shareholding and increase the public float, potentially improving liquidity and aligning the shareholding structure with current control. Investors should watch for BSE and shareholder approvals, which will finalize the change.