Nature of the Event

Sun Pharmaceutical Industries Limited has issued a notice for postal ballot/e-voting to seek shareholder approval for the reclassification of three individuals from the 'Promoter Group' category to the 'Public' category, pursuant to Regulation 31A of the SEBI Listing Regulations.

Key Quantitative Figures

  • The applicants collectively hold 4,31,75,371 equity shares, representing 1.80% of the company's paid-up equity share capital
  • Current promoter & promoter group holding: 54.48% (1,307,119,535 shares)
  • Current public holding: 45.52% (1,092,215,435 shares)
  • Post-reclassification promoter holding: 52.68% (1,263,944,164 shares)
  • Post-reclassification public holding: 47.32% (1,135,390,806 shares)
  • Total paid-up share capital: 2,399,334,970 shares

Individual Shareholding Details

  • Mr. Sudhir Vrundavandas Valia: 1,43,45,019 shares (0.60%)
  • Mrs. Raksha Sudhir Valia: 2,88,30,352 shares (1.20%)
  • Mrs. Krishna Vrundavandas Valia: Nil shares (Nil%)

Dates of Action

  • Receipt of reclassification request: Thursday, 14 May 2026
  • Board review and approval: Friday, 22 May 2026
  • Receipt of no-objection letters from stock exchanges: Thursday, 06 August 2026
  • Cut-off date for eligible shareholders: Friday, 21 August 2026
  • E-voting begins: Friday, 28 August 2026 at 09:00 A.M.
  • E-voting ends: Saturday, 26 September 2026 at 05:00 P.M.
  • Results announcement: On or before Tuesday, 29 September 2026

Parties Involved

Applicants for Reclassification:

  • Mr. Sudhir Vrundavandas Valia (Spouse of Mrs. Raksha Sudhir Valia and Son of Mrs. Krishna Vrundavandas Valia)
  • Mrs. Raksha Sudhir Valia (Spouse of Mr. Sudhir V. Valia and Daughter-in-law of Mrs. Krishna Vrundavandas Valia)
  • Mrs. Krishna Vrundavandas Valia (Mother of Mr. Sudhir V. Valia and Mother-in-law of Mrs. Raksha Sudhir Valia)

Stock Exchanges:

  • BSE Limited
  • National Stock Exchange of India Limited

Company Representatives:

  • Anoop Anjanikumar Deshpande, Company Secretary and Compliance Officer (ICSI Membership No.: A23983)

Scrutinizer:

  • Mr. Chintan Goswami, Partner of KJB & Co. LLP, Practicing Company Secretaries
  • Alternate: Mr. Alpesh Panchal, Partner of KJB & Co. LLP

Purpose and Rationale

The reclassification is sought to align the applicants' shareholder classification with their current status and relationship with the company. The applicants are not involved in the company's management or operations and do not exercise control or hold special rights, board representation, or KMP positions.

Financial and Operational Impact

  • No change in the company's paid-up share capital
  • No dilution of existing shareholders
  • No change in control, management, board composition, or business operations
  • No impact on rights or economic interests of other shareholders
  • The reclassification merely changes the classification of existing shareholding

Board Assessment and Recommendation

The Board of Directors, at its meeting on 22 May 2026, considered the request and approved the reclassification subject to requisite approvals. The Board is satisfied that the applicants fulfill the conditions specified under Regulation 31A(3)(b) of the SEBI Listing Regulations and that the company complies with Regulation 31A(3)(c) requirements.

The Board recommends the ordinary resolution for shareholder approval, viewing the reclassification as compliant with SEBI regulations and not prejudicial to the interests of the company or its shareholders.

Voting Arrangements

  • E-voting through CDSL (EVSN: 260824035)
  • Physical shareholders and non-individual shareholders must submit Board Resolution/Authority Letter/POA
  • Scrutinizer appointed to oversee the voting process
  • Results will be announced and placed on company website and stock exchange websites

Interest of Directors

Mr. Dilip Shanghvi, Mr. Aalok Dilip Shanghvi, and Ms. Vidhi Dilip Shanghvi may be deemed interested due to their relationship with the applicants and their status as promoter group members.