Shalimar Paints Limited has informed the Exchange about Intimation pursuant to Regulation 30 read with Regulation 31A(8) of SEBI LODR 2015 Receipt of request for reclassification from Promoter Group category to Public category
SHALPAINTS · price
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Shalimar Paints has informed the stock exchange that it has received a request from an entity (or entities) currently classified under the Promoter Group to be reclassified into the Public category. This is being done under Regulation 30 read with Regulation 31A(8) of SEBI's Listing Obligations and Disclosure Requirements (LODR) Regulations, 2015. The reclassification, once approved, would reduce the company's promoter group shareholding and correspondingly increase the public shareholding. No specific entity name, number of shares, or percentage of holding being reclassified has been disclosed in this intimation. The request is now subject to review and approval by the stock exchanges and the company.
This signals a potential reduction in promoter group shareholding, which could improve public float and may be viewed neutrally to positively by retail investors. The reclassification is not yet effective and requires exchange approval, so there is no immediate impact on stock price or shareholding pattern until the process is completed.