Receipt of request letter from promoter to reclassify from promoter to public.
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Vistara Network Private Limited, currently classified as a promoter holding 2,28,40,544 shares (15.61% of equity), has formally requested reclassification to the Public category. The company received this request on May 5, 2026. Vistara cited that it has not participated in management for over a year, has no nominee directors, and does not act in concert with any other promoter group entity. The reclassification requires approval from the Board of Directors, shareholders in a general meeting, and BSE Limited under SEBI Regulation 31A.
If approved, the company's public shareholding would increase while the promoter group holding decreases. This reduces the perceived control block but does not involve any actual share sale or transfer of economic interest.