Nature of Disclosure: Regulatory intimation pursuant to Regulation 31A of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, regarding receipt of requests for reclassification of promoter group entities to public shareholders.

Key Event: The company received request letters via email dated August 11, 2026, from nine entities belonging to the Promoter/Promoter Group of the late Mr. Rakesh Jhunjhunwala, seeking reclassification as public shareholders.

List of Entities Requesting Reclassification:

  • AERS Consultancy Services Private Limited (formerly known as Alchemy Investment Advisory Services Private Limited) - Promoter Group, Nil shares held
  • Alchemy Capital Management Private Limited - Promoter Group, Nil shares held
  • Aptech Investments - Promoter Group, Nil shares held
  • Industrial Glass Fiber Industries - Promoter Group, Nil shares held
  • Interics - Promoter Group, Nil shares held
  • Rare Equity Private Limited - Promoter Group, Nil shares held
  • Rare Family Foundation - Promoter Group, Nil shares held
  • Rare Shares & Stock Private Limited - Promoter Group, Nil shares held
  • IDC Electronics Limited - Promoter Group, Nil shares held

Basis for Reclassification Request: All entities cite that their original classification as 'Promoter Group' was pursuant to Regulation 2(1)(pp)(iii) of the SEBI ICDR Regulations, 2018, on account of their association with the late Mr. Rakesh Jhunjhunwala, who was classified as a Promoter of the company. They state that the shares held by Mr. Jhunjhunwala "have been / are in the process of transmission as per the Probate and directions of IRDAI," and thus, they no longer belong to the promoter group entities. All entities confirm they hold zero shares in the company.

Regulatory Certifications: Pursuant to Regulation 31A(3)(b) of SEBI LODR, the entities have certified that they, along with persons related to them:

(i) Do not, together, hold more than 10% of the total voting rights in the company.

(ii) Do not exercise control over the affairs of the company, directly or indirectly.

(iii) Do not have any special rights through formal or informal arrangements, including shareholder agreements.

(iv) Do not have any representation on the board of directors (including no nominee director).

(v) Do not have any Key Managerial Personnel in the company.

(vi) Are not wilful defaulters as per RBI guidelines.

(vii) Are not fugitive economic offenders.

Special Cases:

  • For Industrial Glass Fiber Industries and Interics, a request was submitted by an erstwhile partner, Madhu Seksaria, who confirmed the entities have ceased to exist and were wound up effective March 31, 2024. She provided the required certifications on their behalf.
  • The request for IDC Electronics Limited was submitted by Minosha India Limited, which confirmed it ceased to hold any shareholding in IDC Electronics Limited effective March 31, 2025, making IDC Electronics Limited no longer its associate company and thus ineligible for promoter group classification.

Next Steps: The company stated it "shall take all necessary steps to process the reclassification request, including obtaining approvals from the Board of Directors, BSE Limited, the National Stock Exchange of India Limited and the members of the Company."

Financial Impact: No direct financial impact is quantified in the disclosure. The reclassification pertains solely to a change in the categorization of shareholders who hold nil shares.