Intimation of receipt of requests for reclassification from "Promoter/Promoter Group" Category to "Public" Category under Regulation 31A of SEBI(LODR), 2015
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Team24 Consumer Products Ltd (formerly Kore Foods Limited) has received requests from 12 shareholders, including one promoter and 11 promoter group entities/individuals, to be reclassified from the 'Promoter/Promoter Group' category to the 'Public' category. The requests follow a Share Purchase Agreement under which Kore Foods was taken over by Team24 Foods and Beverages Private Limited, with several former promoters (like New Vision Group Holding with 16,52,860 shares, Yasmin Abdullah Fazalbhoy with 25,31,023 shares, and La Costa Enterprises with 1,22,850 shares) having already transferred their shares to the new acquirer. A few remaining minority holders (like Kavas Dara Patel with 10,000 shares and Vijayalakshmi Bhat with 15,200 shares) are still in the promoter group and are now seeking exit from that classification. The reclassification is subject to Board of Directors' analysis and BSE approval.
This reflects a completed change in control of the company, with the old promoter group exiting and the new promoter (Team24 Foods and Beverages) taking over. Once approved, this will reduce the promoter group holding and increase the public shareholding, potentially improving free float and liquidity for retail investors.