Board approves application to exchanges for re-classifying promoter S K Sridhar as public shareholder
Board of Directors met and considered Mr. S K Sridhar's request.
By ScoutQuest · · 1 min read
- Promoter seeking reclassification
- Mr. S K Sridhar
- Reclassification direction
- 'promoter' to 'public' shareholder
- Exchanges applied to
- NSE and BSE
What the update says
The Board of Directors of the company met and considered a request received from Mr. S K Sridhar, a promoter of the company, to be re-classified from the 'promoter' category to the 'public' category shareholder.
- The Board has approved submitting an application to the stock exchanges where the company's shares are listed, namely the National Stock Exchange of India Limited and BSE Limited, to obtain a No Objection Certificate for this re-classification.
- The Board noted that Mr. S K Sridhar has confirmed that he satisfies the conditions specified under Regulation 31A(3)(b) of the SEBI LODR Regulations and continues to comply with the requirements of Regulation 31A(3) and (4) at all times.
What 're-classification' means
Every listed company reports its shareholding in two broad buckets: shares held by promoters and shares held by the public. A promoter is treated as an insider group with certain obligations and restrictions. Moving a person from the promoter bucket to the public bucket is what is called re-classification here. This update is about a request to move Mr. S K Sridhar's holding into the public category.
Status of the request
The process is not complete. The Board has only approved making the application. The re-classification is expressly subject to the receipt of a no objection from the stock exchanges under Regulation 31A of the Listing Regulations. Until that no objection comes, the request remains pending.
What to watch
- Any communication from the stock exchanges on the no objection certificate.
- Any subsequent disclosure confirming that the re-classification has actually taken effect.
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