Rathi Steel and Power Limited has intimated the Bombay Stock Exchange (BSE) of receiving a formal request for shareholding reclassification from DBG Leasing and Housing Limited (DBG).

The disclosure is made pursuant to Regulation 31A(8)(a) of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.

Nature of the Event

DBG Leasing and Housing Limited, currently classified as part of the "Promoter and Promoter Group" of Rathi Steel, has formally requested to be reclassified into the "Public" category.

Key Quantitative Figures

DBG holds 38,32,472 equity shares in Rathi Steel and Power Limited, representing 4.44% of the company's paid-up equity share capital.

Dates of Action

  • The request letter from DBG was received by Rathi Steel on September 19, 2026.
  • The Hon'ble National Company Law Tribunal (NCLT), New Delhi Bench-V, approved the Corporate Insolvency Resolution Process (CIRP) for DBG via an order dated June 13, 2025.

Parties Involved

  • DBG Leasing and Housing Limited (CIN: U65910DL1990PLC042251): The entity requesting the reclassification.
  • Rathi Steel and Power Limited: The company in which the shares are held.
  • Successful Resolution Applicants: Lenzing Polypacks Limited and Gappu Ispat, who took over DBG post its CIRP.
  • Regulatory Body: The National Company Law Tribunal (NCLT).
  • Individuals: Sukesh Thirani, Additional Director of DBG (DIN: 01933959), and Namita Lal Madan, Company Secretary & Compliance Officer of Rathi Steel.

Purpose and Rationale

The request is based on a change of control at DBG. DBG underwent the Corporate Insolvency Resolution Process (CIRP) under the Insolvency and Bankruptcy Code, 2016. The NCLT approved a resolution plan submitted by Lenzing Polypacks Limited and Gappu Ispat. Consequently, the erstwhile promoters of DBG are no longer in control, and the company is under new management. DBG states it no longer exercises any control, direct or indirect, over Rathi Steel's affairs.

Undertakings Provided by DBG

In connection with the reclassification request, DBG has provided a formal confirmation and undertaking that:

  • It does not hold more than ten percent of the total voting rights in Rathi Steel.
  • It does not exercise control over the affairs of Rathi Steel.
  • It does not have any special rights through formal or informal arrangements, including shareholder agreements.
  • It has no representatives on the board of directors of Rathi Steel, including nominee directors.
  • It is not acting as a key managerial person in Rathi Steel.
  • It is neither a 'wilful defaulter' per RBI guidelines nor a fugitive economic offender.
  • It will abide by all applicable conditions mentioned in Regulation 31A(4) of the SEBI Listing Regulations post-approval.

Next Steps

Rathi Steel will place DBG's request before its Board of Directors in their ensuing meeting. The company will thereafter apply for and obtain the requisite approvals for the reclassification.

Attachments

The request from DBG was accompanied by a certified true copy of its Board Resolution and a certified true copy of the NCLT order approving the Resolution Plan.