Nova Iron & Steel Limited's board of directors has approved a significant shareholding reclassification request during its meeting held on April 8, 2026. The decision involves three promoters seeking to transition their shareholding status from the promoter category to the public category, representing a combined stake of 9.09% in the company.

Board Meeting Outcome

The board meeting, which commenced at 4:15 P.M. and concluded at 5:00 P.M., considered the reclassification request submitted by the promoters on March 31, 2026. The company had previously intimated BSE Limited about this request on the same day it was received. The board unanimously approved the request in compliance with Regulations 30 and 31A(8) of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015.

Promoter Details and Shareholding

The reclassification involves three promoters who currently hold equity shares in the company:

Regulatory Compliance and Conditions

The board noted that the outgoing promoters satisfy all conditions prescribed under Regulation 31A(3)(b) of the SEBI Listing Regulations. Key aspects of their status include:

• Neither represented on the board of directors
• Hold no key managerial positions in the company
• Do not participate in company management in any capacity
• Hold no special rights through formal or informal arrangements
• No involvement in any shareholder agreements

Approval Process and Next Steps

The reclassification approval is subject to additional regulatory requirements. As per Regulation 31A provisions, the company must obtain:

• Shareholder approval through appropriate resolution
• Stock exchange approval from BSE Limited
• Any other regulatory approvals that may be required

The board has authorized company officials including directors, company secretary, and chief financial officer to undertake all necessary actions, filings, and documentation required for the reclassification process. This includes submitting applications to stock exchanges and regulatory authorities to obtain their formal approval for the promoter category change.

Corporate Governance Impact

The reclassification represents a shift in the company's promoter structure, with the three individuals moving from promoter status to public shareholders. This change will be reflected in the company's shareholding pattern once all required approvals are obtained and the reclassification is formally completed by the relevant authorities.

Nova Iron & Steel Limited has received formal requests from three promoters seeking reclassification from the promoter category to the public category under SEBI regulations. The company informed the Bombay Stock Exchange about these developments on March 31, 2026, through an official intimation pursuant to Regulation 31A(8)(a) of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.

Promoter Reclassification Details

The three promoters requesting reclassification are Aniket Singal, Priyanka Ankit Miglani, and Radhika Saurabh Dhoot. Their combined shareholding represents a significant portion of the company's equity structure.

Regulatory Compliance and Undertakings

Each promoter has submitted individual applications with comprehensive undertakings as required under SEBI regulations. The applicants have confirmed they do not exercise control over company affairs, either directly or indirectly. They have stated that any involvement is limited in nature and does not confer authority to influence management or policy decisions.

The promoters have provided specific certifications including:

• They do not hold more than ten percent of total voting rights
• They do not exercise control over company affairs
• They have no special rights through formal or informal arrangements
• They are not represented on the board of directors
• They do not act as key managerial persons
• They are not wilful defaulters or fugitive economic offenders
• No pending regulatory actions exist against them

Board Consideration Process

The requests for reclassification will be considered by Nova Iron & Steel Limited's Board of Directors pursuant to Regulation 31A of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. The promoters have requested the board to initiate necessary procedures for reclassification, including obtaining approvals from shareholders and stock exchanges.

The applications were submitted via email on March 31, 2026, and the company has attached copies of the request letters for exchange records. Company Secretary Dheeraj Kumar signed the official intimation to the Bombay Stock Exchange regarding these developments.

Compliance Timeline

The promoters have committed to comply with specific SEBI regulation conditions for a minimum period of three years from the reclassification date. They have acknowledged that failure to maintain compliance would result in automatic reclassification back to promoter status. This ensures ongoing adherence to regulatory requirements and maintains transparency in shareholding classifications.