Maha Rashtra Apex Corporation Ltd has confirmed that its promoters and persons acting in concert did not encumber any shares held directly or indirectly during the financial year ended March 31, 2026. This disclosure ensures that the shareholding structure remains free of pledged assets, which is critical for maintaining governance stability and shareholder confidence.

The declaration was submitted to the stock exchanges in compliance with Regulation 31(4) of the SEBI (Substantial Acquisition of Shares and Takeovers) Regulations, 2011. General Investment & Commercial Corporation Ltd, acting on behalf of all promoters and the promoter group, provided the confirmation to BSE Limited and the National Stock Exchange of India Ltd.

Promoter and Promoter Group Details

The filing identified 13 entities and individuals as promoters or members of the promoter group. The list includes individual promoters and corporate entities associated with the Manipal Group.

The letter was signed by Shashindra Bhat, Director of General Investment & Commercial Corporation Ltd, on April 6, 2026. The company secretary of Maha Rashtra Apex Corporation Ltd, Jamsheed Minoo Panday, forwarded the disclosure to the exchanges.

Maha Rashtra Apex Corporation Limited has submitted an application to BSE Limited and NSE India Limited for the reclassification of T Satish U Pai from the promoter and promoter group category to the public category. The application, filed on June 11, 2026, follows the board of directors' approval granted during its meeting on June 08, 2026. This reclassification is being pursued under Regulation 31A of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.

The board determined that T Satish U Pai meets the necessary conditions for reclassification, including holding less than 1% of the total voting rights and not being involved in the day-to-day management of the company. Consequently, the approval of shareholders via an ordinary or special resolution was not required. The outgoing promoter confirmed compliance with all regulatory provisions, including not being a wilful defaulter or a fugitive economic offender.

Shareholding Details

The following table outlines the shareholding details of the promoter seeking reclassification:

Conditions for Reclassification

As part of the reclassification process, T Satish U Pai has confirmed adherence to specific conditions mandated under Regulation 31A. These include not holding more than 10% of the fully paid-up equity share capital and voting rights of the company and not exercising control over its affairs, directly or indirectly. Additionally, the outgoing promoter will not be represented on the board of directors or act as key managerial personnel.

The company has authorized the company secretary or other designated officers to sign, execute, and submit all necessary documents and returns to the stock exchanges and regulatory authorities to facilitate this change.