Exchanges do not allow re-classification of certain promoter group entities to 'public' category

Shoppers Stop had sought reclassification of Sundew Real Estate, Pramaan Properties, Content Properties and Sycamore Properties from the 'promoter group' category to 'public' category.

Thu 8 Oct 2026

Entities seeking reclassification

Sundew Real Estate, Pramaan Properties, Content Properties and Sycamore Properties

Exchange decision date

letters dated October 7, 2026

Reason cited by exchanges

does not meet the conditions under Regulation 31A(3)(b) of the SEBI LODR Regulations

Re-classification request not allowed

• Shoppers Stop had received requests from Sundew Real Estate Private Limited, Pramaan Properties Private Limited, Content Properties Private Limited and Sycamore Properties Private Limited to move from the 'promoter group' category to the 'public' category.
• These requests, along with the relevant applications, were shared with the stock exchanges seeking a no-objection, as the entities said they no longer qualified the test of 'promoter group' under Regulation 2(1)(pp) of the SEBI ICDR Regulations, 2018, following a change in their respective shareholdings.
• The stock exchanges, by their letters dated October 7, 2026, have not allowed the applications.

What the exchanges said

The exchanges stated that the majority shareholder of these entities is Mindspace Business Parks REIT, whose unitholder/sponsor are individuals who, together with their associated entities, hold a majority shareholding in the Company. According to the exchanges, this fails to meet the conditions prescribed under Regulation 31A(3)(b) of the SEBI LODR Regulations.

What it means

• The Company will continue to include these entities as part of its Promoter Group.
• So the category of these entities stays where it was, as the request to shift them to the 'public' category has not been allowed.
• This is about how shareholding is classified; the entities remain counted in the Promoter Group.

Nothing here is a view, opinion or recommendation of ScoutQuest, its parent, directors or employees. ScoutQuest is a technology company: this page was assembled automatically from public sources using artificial intelligence, and may contain errors or omissions. Confirm everything against the original source before you act on it. Any use of this page is at your own risk, and neither ScoutQuest nor its parent, directors or employees accepts liability for it.