Request Received to Reclassify Promoter Group Entity Sthitaprajna Advisors LLP as Public Shareholder

Sthitaprajna Advisors LLP, a Promoter Group entity linked to Mr. Utpal Hemendra Sheth, has asked to be reclassified from 'Promoter Group' to 'Public' category under Regulation 31A.

Wed 30 Sep 2026

Reclassification Request Date

September 30, 2026

Entity Seeking Reclassification

Sthitaprajna Advisors LLP

Requested Category Change

From 'Promoter Group' to 'Public' category

Regulation Reference

Regulation 31A of SEBI LODR

Key Personnel Status Change Date

Mr. Utpal Sheth ceased to be Designated Partner and Partner effective August 13, 2026

What was shared

Star Health informed the exchanges that it received a request letter, by email dated September 30, 2026, from Sthitaprajna Advisors LLP seeking reclassification from the 'Promoter Group' category to the 'Public' category under Regulation 31A of SEBI LODR.

Why the entity says it qualifies

• The LLP was classified as Promoter Group on account of Mr. Utpal Sheth, following transmission of shares held by Late Mr. Rakesh Jhunjhunwala as per the Probate and directions of IRDAI.
• Mr. Utpal Sheth ceased to be a Designated Partner and Partner of the LLP with effect from August 13, 2026.
• Neither Mr. Sheth nor his immediate relatives hold any contribution in the LLP, so it no longer falls under the promoter group definition of SEBI ICDR Regulations.

Confirmations given

• Does not hold, together with related persons, more than 10% of total voting rights.
• Does not exercise control over the affairs of the company, directly or indirectly.
• Has no special rights through formal or informal arrangements or shareholder agreements.
• Has no board representation, including no nominee director, and no Key Managerial Personnel in the company.
• Is not a wilful defaulter and not a fugitive economic offender.

What happens next

The company said it will take all necessary steps to process the request, including approvals from the Board of Directors, BSE, NSE and the members of the company. Until those approvals are completed, the shareholding continues as currently disclosed.

What it means for investors

Reclassification is a change in how a shareholder is labelled in the shareholding pattern, not a sale of shares by itself. If approved, the holding moves from the promoter group column to the public column, which raises the reported public shareholding.

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