Intimation of request received for Re-classification by person falling under Promoter Group under Regulation 31A SEBI (LODR) Regulation, 2015
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Shree Securities Ltd has received requests from 5 persons/entities to be reclassified from the Promoter or Promoter Group category to the Public category. This includes promoter Manik Chand Pugalia, who passed away on 4 December 2024 and held 35.25 lakh shares (0.44% stake). The other applicants are Amrita Sharma and Subhash Chandra Dadhich (each holding 1,000 shares, negligible stake), and two promoter group entities — Faber Trexim Pvt Ltd and Meghshree Credit Pvt Ltd — which hold zero shares. The applicants stated they are no longer involved in the company's business or decision-making and do not hold more than 10% voting rights. The reclassification is subject to Board approval and SEBI compliance.
If approved, this will reduce the promoter/promoter group shareholding in the company, with the largest impact being the removal of Manik Chand Pugalia's 0.44% stake due to his demise. The change is largely procedural and unlikely to materially affect stock price, but it signals a gradual exit of promoter family members from the company.