Excel Industries Limited has successfully obtained regulatory approval for the reclassification of a promoter shareholder from both major Indian stock exchanges. The company announced that it has received formal approval from the National Stock Exchange of India Limited and BSE Limited for reclassifying Mrs. Malti D. Bhatia from the "Promoter" category to "Public" category under Regulation 31A of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.

Regulatory Approval Details

The approvals were granted on April 16, 2026, with both exchanges issuing their no-objection letters on the same date. The National Stock Exchange issued its approval vide letter No. NSE/LIST/COMP/EXCELINDUS/577/2026-2027, while BSE Limited granted approval through letter No. LIST/COMP/KR/033/2026-27. This follows the company's initial application submitted on February 06, 2026, and subsequent correspondence dated January 28, February 03, and February 24, 2026.

Shareholding Impact

The reclassification involves a specific shareholding transition that affects the company's promoter structure:

Official Documentation

The company has received comprehensive documentation from both stock exchanges confirming the approval. The National Stock Exchange approval was signed by Apeksha Raichura, Manager – Listing Compliance, while the BSE approval was signed by Jayshree Soni, Deputy Vice President, Listing Compliance, and Krishna Rathi, Deputy Manager, Listing Compliance. Both approvals were digitally signed and include copies to National Securities Depository Limited and Central Depository Services Limited.

Compliance Requirements

Both stock exchanges have mandated that Excel Industries Limited ensure compliance with subsequent relevant disclosures of material events related to this reclassification. The company must adhere to the applicable provisions of Regulation 31A of SEBI (LODR) Regulations, 2015, for all future disclosures connected to this shareholding category change. The approval letters from both stock exchanges have been enclosed with their regulatory filing for reference purposes, and this information is available on the company's official website at www.excelind.com .

Regulatory Framework

This reclassification falls under Regulation 31A of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, which governs the process for reclassification of promoters and promoter group members. The regulation provides a structured framework for such transitions, ensuring proper regulatory oversight and stakeholder protection while maintaining market transparency.

Excel Industries Limited has submitted a formal disclosure to both BSE Limited and the National Stock Exchange of India Limited confirming that the company does not fall under the Large Corporate category as defined by SEBI Circular No SEBI/HO/DDHS/P/CIR/2021/613 dated August 10, 2021. The disclosure, dated April 20, 2026, was addressed to the Listing Departments of both stock exchanges.

The company clarified that it does not meet all three applicability criteria mentioned under Chapter XII of the SEBI Operational circular dated August 10, 2021. As per the framework, listed entities fulfilling the criteria for being a Large Corporate are required to make specific disclosures to the stock exchanges. Excel Industries Limited confirmed that it does not qualify under this classification.

Key Disclosure Details

The company provided specific details in Annexure XII-A format, which includes the following information:

The disclosure was digitally signed by Company Secretary S K Singhvi and Chief Financial Officer Devendra Dosi on April 20, 2026. The company requested the stock exchanges to take this information on record. Excel Industries Limited holds certifications including ISI/ISO9001:2015, ISI/ISO14001:2015, and ISI/ISO 45001:2018, certified by BIS.