Olympic Management seeks reclassification of Excel Paints
Olympic Management & Financial Services Limited applied to BSE on June 1, 2026, to reclassify promoter Excel Paints Private Limited to the public category. The Board approved the request on May 28, 2026, as the entity holds 0.09% equity and lacks management control. Post-reclassification, promoter holding will drop to 37.05%.
*this image is generated using AI for illustrative purposes only.
Olympic Management & Financial Services Limited has applied to BSE Limited for the reclassification of its promoter, Excel Paints Private Limited, to the public category. The application, submitted on June 1, 2026, seeks to remove Excel Paints Private Limited from the promoter and promoter group of the company under Regulation 31A of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. This move will alter the shareholding pattern, reducing promoter holding to 37.05% and increasing public holding to 62.95%.
The Board of Directors of Olympic Management & Financial Services Limited approved the request during a meeting held on May 28, 2026. The approval follows a letter dated May 13, 2026, from Excel Paints Private Limited requesting the change. The Board noted that Excel Paints Private Limited does not hold any majority equity shares, lacks substantial voting rights, and is not engaged in the management or day-to-day affairs of the company.
Excel Paints Private Limited currently holds 2,800 equity shares, representing 0.09% of the total paid-up share capital. The entity confirmed that it does not exercise control over the company, holds no special rights, and has no representation on the Board of Directors. The reclassification is supported by a SEBI notification dated May 5, 2021, which exempts shareholder approval for promoters holding less than 1% of total voting rights.
The company has provided an undertaking confirming compliance with the conditions specified in Regulation 31A(3) of SEBI LODR. This includes assurances that the outgoing promoter does not hold voting rights, exercise control, or hold key managerial positions. The company also confirmed it has no outstanding dues to SEBI, stock exchanges, or depositories and is compliant with minimum public shareholding requirements.
Shareholding Pattern
The following table outlines the pre and post-reclassification shareholding pattern of Olympic Management & Financial Services Limited:
| Category of Shareholders | Pre-Reclassification | Post-Reclassification | ||
|---|---|---|---|---|
| Number of Shares | Percentage | Number of Shares | Percentage | |
| Promoter Holding | 11,16,750 | 37.14 | 11,13,950 | 37.05 |
| Public Holding | 18,89,850 | 62.86 | 18,92,650 | 62.95 |
| Total | 3006600 | 100 | 3006600 | 100 |
Chronology of Events
| Sr No | Particulars | Date of event |
|---|---|---|
| 1 | Intimation to stock exchange on receipt of application for reclassification from the Promoter / promoter group. | 14th May 2026 |
| 2 | Date of Board meeting wherein reclassification matter is to be considered and approved. | 28th May 2026 |
| 3 | Disclosure of outcome of the Board meeting considering such request of reclassification. | 28th May 2026 |
| 4 | Disclosure of submission of the application for seeking no-objection from recognized Stock Exchanges. | 1st June, 2026 |
The application fee of ₹54,000 was paid to BSE Limited via NEFT on June 1, 2026. The company is listed on BSE and Calcutta Stock Exchange, though trading is suspended on the latter.
How will the reduction in promoter holding to 37.05% impact the company's governance structure and decision-making processes?
What strategic changes or shifts in business focus can be expected following the reclassification of Excel Paints Private Limited?
Will this move lead to increased institutional investor interest given the higher public shareholding percentage?
16
Access Market Heat-map & Insights 
Create, Save & Share your Screener 
Use 200+ Screening Filters 
