INTIMATION OF PROMOTER RECLASSIFICATION
Price
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Spice Lounge Food Works Ltd (formerly Shalimar Agencies Limited) has formally requested reclassification of its outgoing promoter group, IT Trailblazers Resources Private Limited, from the 'Promoter' category to the 'Public' category. This follows the completion of an open offer in November 2024, where new promoters Spice Lounge LLP, Mohan Babu Karjela, and Venugopal Naidu Kongarla Venkatesh acquired 100% of the existing public shareholding (11,33,262 equity shares) at Rs. 15 per share. The outgoing promoter group currently holds nil shares as of 22 May 2026. The new promoter group now holds 64.37% of total voting capital, with Mohan Babu Karjela being the largest shareholder at 40.36%. The company confirms compliance with minimum public shareholding requirements and that trading has not been suspended.
The reclassification formalizes the change in control following the open offer. Shareholders should note that the new promoters hold a significant 64.37% stake, reducing public float to approximately 35.63%. This is a routine post-takeover administrative filing with no direct impact on the stock price.