EPL Limited received a request from Epsilon Bidco Pte. Ltd. to reclassify itself from the 'promoter' category to the 'public' category. This follows the complete sale of its 26.37% equity stake in the company.

The request was submitted on October 16, 2026, in compliance with Regulation 31A of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. Epsilon Bidco stated that it sold its entire holding of 84,479,781 equity shares through on-market trades on September 1, 2026. Consequently, the entity now holds a nil shareholding in EPL.

Regulatory Compliance and Certifications

In its request letter, Epsilon Bidco certified that it meets all conditions for reclassification under Regulation 31A(8) of the SEBI LODR Regulations. The outgoing promoter confirmed it does not hold more than 10% of total voting rights and exercises no control over the company's affairs.

Key certifications provided by Epsilon Bidco include:

• No representation on the board of directors, including nominee directors.
• No special rights held through formal or informal shareholder agreements.
• No role as key managerial personnel within the company.
• No pending regulatory actions or violations of SEBI circulars regarding delisting or wilful defaulters.

Board Consideration Pending

The request for reclassification will be placed before the Board of Directors of EPL Limited for consideration in an ensuing board meeting. The company is required to obtain relevant authorisations from both BSE Limited and the National Stock Exchange of India Limited to effect this change in classification.

What the Numbers Show

The transition of Epsilon Bidco from promoter to public status is driven entirely by the exit of its entire equity position. By selling 84,479,781 shares representing 26.37% of the paid-up capital, the entity has severed its financial link with EPL. This move aligns with regulatory requirements that entities holding less than 10% voting rights and lacking board representation or control mechanisms be classified as public shareholders rather than promoters.

EPL Limited reported an insider trading violation by Rajiv Hargopal Verma, President of Technology and Printing. The disclosure, filed on October 13, 2026, details unauthorized share transactions conducted in August and September 2026.

The violations involved the sale of 6,686 equity shares on August 19, 2026, and the purchase of 1,000 equity shares on September 1, 2026. Both transactions were executed without obtaining the mandatory pre-clearance approval required under the company's Insider Trading Code of Conduct and SEBI regulations.

Details of the Violations

The company identified two specific breaches of the Code of Conduct. The first instance involved selling shares without prior clearance. The second instance involved purchasing shares during the contra-trade restriction period, also without pre-clearance. The total value of these trades was approximately ₹16.5 lakh based on average transaction values.

Company Response and Findings

Following an internal review, EPL Limited determined that the trades were inadvertent and unintentional. The company noted that these activities did not result in any profit or loss for the designated person. Consequently, the board issued a formal 'caution' to Verma rather than imposing stricter penalties.

The filing confirmed that this was the first instance of such a violation since the last financial year. No monetary penalty was collected for the code of conduct breach, and no amount was transferred to the SEBI Investor Protection and Education Fund (IPEF).

Regulatory Context

The intimation was submitted in compliance with the Securities and Exchange Board of India (Prohibition of Insider Trading) Regulations, 2015. The company referenced the Master Circular dated March 23, 2023, as amended on May 15, 2026, which governs the reporting format for such violations. The disclosure highlights the ongoing enforcement of pre-clearance protocols for designated persons within listed entities.