Shivalik Bimetal Controls Limited has informed the Exchange regarding 'Intimation regarding request received from M/s Solan Developers Private Limited for Reclassification from "Promoter and Promoter Group" Category to "Public" Category pursuant to Regulation 30 & 31A of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015'.
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Shivalik Bimetal Controls Limited has received a request from M/s Solan Developers Private Limited to be reclassified from the 'Promoter and Promoter Group' category to the 'Public' category. Importantly, Solan Developers Private Limited holds zero shares in the company. The company has stated that this request will be reviewed by the Board of Directors in an upcoming Board meeting, in compliance with SEBI regulations. The final decision will be communicated to the stock exchanges after the Board meeting.
This is a minor administrative reclassification since the entity holds no shares. It will not affect the shareholding pattern or company operations. However, it reflects an intent by this promoter group entity to exit the promoter classification formally.