Please find enclosed extract of the minutes of the Board Meeting.
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Adarsh Mercantile Ltd (BSE scrip code 538563) has approved the reclassification of three members of the promoter group — Mr. Ashish Chhawchharia, Mr. Kshitiz Chhawchharia, and Avon Credit Pvt Ltd — from the 'Promoter & Promoter Group' category to the 'Public' category under SEBI Regulation 31A. The company stated that these three entities together hold less than 10% of the company's shareholding and voting rights, are not involved in management or day-to-day operations, and have no influence over policy decisions. The board approved the move on April 3, 2025, subject to approvals from BSE, SEBI, and other relevant authorities. The reclassified members must continue to comply with the prescribed conditions for at least three years from the date of reclassification.
This reclassification will reduce the overall promoter group shareholding in the company and increase the public shareholding, which could improve the stock's liquidity and free-float for retail investors. The change is still subject to stock exchange and SEBI approval before it becomes effective.