Board approves reclassification of promoter group entities to public
SUNDRMFAST · price
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Sundram Fasteners' Board has approved applying to NSE and BSE for no-objection certificates to reclassify four promoter group entities — Lakshminarayana Ancillaries (LNL), Upasana Properties (UPP), and Upasana Private Limited (UPL) — from the Promoter/Promoter Group category to the Public category. Applications were submitted on their behalf by UFL Properties and TVS Sundram Fasteners. The reclassification remains subject to receipt of the NOC from the stock exchanges under SEBI's Regulation 31A.
Reduces the promoter group shareholding and shifts those shares into the public float, subject to exchange approval. No immediate price impact expected.