Pipan Oils Limited has received a formal request from Raconteur Granite Limited, a promoter entity, seeking reclassification of its shareholding status from 'Promoter/Persons Belonging to Promoter Group' category to 'Public' category. This intimation is made to BSE Limited in accordance with Regulation 31A(8)(a) of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.
Details of the Request
- Request Date: 27th May 2026
- Requesting Entity: Raconteur Granite Limited
- Shareholding Details:
- Number of Equity Shares: 500,000 shares (Face Value of ₹2 each)
- Percentage Shareholding: 2.85% of total voting rights
Basis for Reclassification Request
Raconteur Granite Limited has submitted that it meets all conditions prescribed under Regulation 31A(3)(b) of SEBI LODR Regulations, including:
- Current holding of less than 10% of total voting rights (specifically 2.85%)
- No exercise of control, directly or indirectly, over the affairs or management of the Company
- No possession of any special rights with respect to the Company, whether formal or informal
- No representation on the Board of Directors of the Company
- Not acting as a Key Managerial Personnel (KMP) of the Company
- Not being a wilful defaulter as per RBI guidelines
- Not being a fugitive economic offender
- No pending regulatory action against the entity
Undertakings Provided
Raconteur Granite Limited has provided specific undertakings:
- To continue complying with conditions under sub-clauses (i), (ii) and (iii) of Regulation 31A(3)(b) at all times post-reclassification
- To comply with conditions under sub-clauses (iv) and (v) for a period of not less than three years from the date of reclassification
- Not to seek board representation or act as KMP for three years from the date of shareholder approval
Next Steps
The application has been requested to be placed before the Board of Directors of Pipan Oils Limited for consideration and further action as per applicable SEBI LODR Regulations provisions.