Approval of Board for reclassification of Akshath Finvest and Properties Private Limited ,Promoter Group Category into Public Category under Reg 31A of SEBI (LODR)
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Sandu Pharmaceuticals' board has approved a request from Akshath Finvest and Properties Private Limited to be reclassified from the 'Promoter Group' category to the 'Public' category under SEBI's Listing Regulations. Akshath Finvest currently holds 4,94,182 equity shares, which represents 5.12% of the company's total shareholding. The entity stated it has no involvement in the company's management, no board representation, no key managerial role, and no special rights or influence over the company. The board accepted the request, noting that Akshath Finvest is also not related to existing promoters. The reclassification is subject to stock exchange approval and other necessary regulatory compliances.
Once approved by the stock exchange, Akshath Finvest's 5.12% stake will move from promoter group holdings to public category, slightly reducing the promoter group's shareholding on paper. This is a procedural reclassification with no actual change in ownership, so it is unlikely to have a material impact on the stock price.