Shareholders Approve Reclassification of Promoter Holding 37,50,000 Shares (5.20%) to Public Category

At the 49th AGM on September 25, 2026, members approved reclassifying Mrs. Husena A Musamji from 'Promoter' to 'Public' category.

Tue 29 Sep 2026

Shares Held

37,50,000

Stake Percentage

5.20%

Reclassification

Promoter to Public category

AGM Date

September 25, 2026

BSE No-Objection Date

August 17, 2026

What happened

At the 49th Annual General Meeting held on Friday, September 25, 2026 through video conferencing, shareholders passed an ordinary resolution with requisite majority approving the reclassification of Mrs. Husena A Musamji from the 'Promoter' category to the 'Public' category under Regulation 31A of the SEBI Listing Regulations.

Shareholding involved

• Shares held: 37,50,000
• Stake: 5.20% of the company

How it progressed

• Request received from the shareholder on April 06, 2026
• Board considered and accepted it at its meeting on May 22, 2026
• Application made to the stock exchange on May 26, 2026
• BSE granted no-objection on August 17, 2026
• Members approved at the AGM on September 25, 2026

Conditions confirmed

The outgoing promoter shareholder has confirmed that she does not hold more than 10% of the fully paid-up equity share capital and voting rights, does not exercise control directly or indirectly, holds no special rights through formal or informal agreements, is not represented on the Board including as a nominee director, and does not act as key managerial personnel. She has also confirmed she is neither a wilful defaulter as per RBI guidelines nor a fugitive economic offender.

What it means for investors

Going forward, her holding will be reported under public shareholding rather than promoter shareholding in the shareholding pattern shared with the exchange. This is a change in classification of an existing holding, not a purchase or sale of shares. The company has stated it complies with the minimum public shareholding requirement under Regulation 38, has no outstanding dues to SEBI, the stock exchanges or the depositories, and trading in its shares has not been suspended.

Members seeking reclassification and their immediate relatives were not permitted to vote on the resolution. Voting results were shared separately on September 25, 2026.

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