Key Quantitative Figures
- Promoter Shares Sold: 2 (Two) shares
- Selling Price: ₹205.50 per share
- Total Consideration: ₹411 (Rupees Four Hundred and Eleven Only)
- Previous Holding: 2 shares
- Current Holding: Nil shares
Dates of Action
- Request Received: Tuesday, November 10, 2026 at 5:00 PM
- Board Meeting Date: November 12, 2026
Parties Involved
- Promoter: Palaniappan Manivannan
- Company Secretary: Dr. V. Rajesh
- Stock Exchanges: BSE Limited and National Stock Exchange of India Limited
Purpose and Rationale
Reclassification of promoter category to public category based on the promoter's complete divestment of shareholding and declaration of having no control over the company's management or affairs.
Promoter Declarations
The promoter declared that he:
- Does not exercise any control over management or affairs of the Company
- Does not enjoy any special rights through formal or informal arrangements
- Is not represented on the Board of Directors
- Does not hold any Key Managerial Personnel position
- Is not a willful defaulter per RBI guidelines
- Is not a fugitive economic offender
- Will not exercise any control after reclassification
Board Action
The Board of Directors at their meeting held on November 12, 2026:
- Granted in-principle approval for reclassification
- Subject to shareholders' approval
- Authorized Dr. V. Rajesh to obtain shareholders' approval
Capital Structure Impact
Promoter holding reduced from 2 shares to nil shares, resulting in complete exit of the promoter from the shareholding pattern.