Intimation of receipt of request letter from the promoter & promoter Group of the company for reclassification to public category.
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Space Incubatrics Technologies has received request letters from all six members of its promoter group — Mahesh Chand Mittal, Suman Mittal, Nishant Mittal, Rashi Mittal, Satya Prakash Mittal, and Mahesh Chand Mittal HUF — seeking reclassification from 'Promoter' to 'Public' category under SEBI's Regulation 31A. The promoters state they have already sold their combined stake of roughly 23% in the company (Suman Mittal 10.87%, Mahesh Chand Mittal 8.27%, Mahesh Chand Mittal HUF 2.17%, Nishant Mittal 1.69%, Rashi Mittal 0.07%, and Satya Prakash Mittal 0.0003%) and no longer have any active role in the company. The reclassification request will be placed before the Board of Directors at its next meeting, and the applicants have confirmed they meet all conditions under Regulation 31A, including a 3-year cooling-off period before they can rejoin the board.
This signals a complete exit of the promoter group from the company, leaving it with effectively no identified promoters. Investors may see this as a negative governance signal, though it could also open the door to a new promoter or strategic investor. Expect volatility and close scrutiny of any subsequent changes in shareholding pattern.