Intimation of Receipt of request for Re-classification from Promoter Group to Public Category
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Awaiting price reaction for this filing.
Universal Starch Chem Allied Ltd has informed BSE that it received a request from Jayendrasinh K. Desai, a Promoter Group member, to reclassify his shareholding to the Public category under SEBI's Regulation 31A. He holds 63,000 equity shares, representing 1.50% of the company's paid-up share capital. The rationale given is that he resides outside India and has no involvement in the company's management, operations, or day-to-day affairs, holding shares purely as an investor. The reclassification is subject to approval from the Board of Directors and the Stock Exchange. The shareholder has confirmed he does not control more than 10% of voting rights, is not a director or KMP, and is not a wilful defaulter or fugitive economic offender.
If approved, the promoter group's combined shareholding in the company will reduce by 1.50% (from current levels), but since the stake size is small, the direct impact on share price is likely minimal. This is a governance/classification event rather than a change in actual ownership, so existing shareholders are not materially affected.