Rolex Rings Limited has informed the Exchange about requests received for Reclassification of Promoter/Promoter Group category to Public category
ROLEXRINGS · price
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Rolex Rings Limited has informed the stock exchange that it has received requests from certain members to be reclassified from the Promoter/Promoter Group category to the Public category. This means these shareholders are asking to exit the promoter group designation, which would shift their shareholding from the promoter bucket to the public bucket in company records. The specific number of shareholders, their names, and the quantum of shares involved are not mentioned in the headline. Such reclassification requests are typically subject to approval from the board, stock exchanges, and SEBI before they take effect.
This is largely procedural and does not involve any sale of shares or change in ownership on the market. Once approved, it would reduce the official promoter group holding and increase the public shareholding, but actual control and shareholding remain with the same persons.