Olympic Management & Financial Services Limited has submitted an application to BSE Limited for reclassification of Excel Paints Private Limited from the "Promoter and Promoter Group" category to public category under Regulation 31A of SEBI (Listing Obligations and Disclosure Requirements) Regulations 2015.
The application follows a request received from Excel Paints Private Limited dated May 13, 2026, seeking removal from the promoter category. The Board of Directors considered and approved this request at their meeting held on May 28, 2026.
Key Rationale for Reclassification
- Excel Paints Private Limited holds zero shares in the company (does not hold any majority equity shares)
- The entity has no substantial voting rights in the company
- Excel Paints is not engaged in management or day-to-day affairs of the company
- The entity is not involved in management or policy decisions of the company
- Excel Paints has no right to appoint any Director of the company
Shareholding Impact
Pre-reclassification shareholding pattern:
- Promoter Holding: 1,116,750 shares (37.14%)
- Public Holding: 1,889,850 shares (62.86%)
- Total Shares: 3,006,600 shares (100%)
Post-reclassification shareholding pattern:
- Promoter Holding: 1,113,950 shares (37.05%)
- Public Holding: 1,892,650 shares (62.95%)
- Total Shares: 3,006,600 shares (100%)
Excel Paints Private Limited specifically holds 2,800 shares (0.09% of paid-up share capital) which will move from promoter to public category.
Chronology of Events
- May 13, 2026: Excel Paints submits reclassification request
- May 14, 2026: Intimation to stock exchange about receipt of request
- May 28, 2026: Board meeting approval of reclassification
- May 28, 2026: Disclosure of board meeting outcome
- June 1, 2026: Submission of application to stock exchanges
The application is subject to approval from BSE Limited, Calcutta Stock Exchange, and any other required regulatory approvals.