Board approved reclassification request received for change the status from Promoter/Promoter Group Category shareholders to Public Category Shareholders.
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The Board of Team24 Consumer Products Ltd (formerly Kore Foods Ltd) approved requests from 12 shareholders to be reclassified from the 'Promoter/Promoter Group' category to 'Public' category under SEBI LODR Regulation 31A. The list includes 1 Promoter (New Vision Group Holding Private Limited) and 11 Promoter Group members (individuals and entities such as Anand Vishnu Gaikwad, Alliance Consultancy Services Pvt Ltd, and others). These shareholders stated in their letters that they hold no board seats, no key managerial positions, and have no special rights or involvement in the company's management. The reclassification is subject to necessary approvals from stock exchanges and other regulatory bodies. Each outgoing promoter group member has confirmed they will not hold more than 10% of the company's equity post-reclassification.
This reclassification expands the public shareholding base of the company and reduces the promoter/promoter group count, but it is still pending stock exchange approval. The move suggests a cleanup of legacy promoter labels rather than a change in actual control, so it is unlikely to materially affect share price or shareholder rights.