Shanthi Gears Limited has informed the Exchange about on the Intimation under Regulation 30 read with Regulation 31(A)(8) Of SEBI Listing Regulation following receipt of request for Re-Classification from Promoter
SHANTIGEAR · price
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Shanthi Gears Limited has informed the stock exchange that it has received a request from one of its Promoters seeking re-classification out of the promoter group, in line with Regulation 30 read with Regulation 31(A)(8) of the SEBI Listing Regulations. Under this provision, a promoter can apply to be reclassified as a public/non-promoter shareholder once they meet the eligibility criteria. The company has made this intimation to keep the exchange and investors informed about the request. The actual re-classification, if approved by the board, shareholders, and stock exchanges, would shift the promoter's stake from the promoter holding category to the public category. No details on the quantum of stake or the identity of the requesting promoter were disclosed in the filing.
This is a procedural disclosure and does not involve an immediate change in ownership or voting power. If approved, it would reduce the formal promoter shareholding and increase the public float, but investors should wait for further clarity on the size of the stake involved and the board's decision.