Rajasthan Tube promoters seek reclassification to public category
- Promoters seek reclassification from promoter group to public category under SEBI LODR Regulation 31A
- Original promoter Harish Chand Jain and sons Pradeep and Saurabh Jain hold nil equity shares
- Deepika Jain holds 5.15% stake while Rajshree Jain holds 4.79% stake
- Group confirms no involvement in management or control over company affairs
*this image is generated using AI for illustrative purposes only.
Rajasthan Tube Manufacturing promoters have requested reclassification from the promoter group to the public category under Regulation 31A of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.
The company filed a declaration of non-encumbrance of promoter shares with the Bombay Stock Exchange on September 7, 2026, in compliance with Regulation 31(4) of the SEBI (Substantial Acquisition of Shares and Takeovers) Regulations, 2011.
Shareholding Structure
The request for reclassification was submitted jointly by five family members currently classified as part of the promoter group. The original promoter, Mr. Harish Chand Jain, along with his sons Mr. Pradeep Jain and Mr. Saurabh Jain, hold nil equity shares in the company.
The remaining shareholding within this group is held by two daughters-in-law:
| Name | Relationship | Present Shareholding | Stake |
|---|---|---|---|
| Mrs. Deepika Jain | Daughter-in-law | 23,20,960 equity shares | 5.15% |
| Mrs. Rajshree Jain | Daughter-in-law | 21,61,190 equity shares | 4.79% |
Regulatory Compliance
The promoters confirmed they are not involved in the management or day-to-day affairs of the company. They stated that they do not exercise any control over management or affairs, directly or indirectly.
The group further declared that none of them holds special rights, including voting, veto, or management rights, nor do they have the right to appoint or nominate directors. None of the individuals serve as Managing Director, Whole-time Director, or Key Managerial Personnel.
The promoters affirmed their willingness to comply with all conditions prescribed under Regulation 31A of the SEBI (LODR) Regulations, 2015. They requested the Board of Directors to consider the reclassification and make necessary disclosures to the stock exchanges.
Historical Stock Returns for Rajasthan Tube Manufacturing
| 1 Day | 5 Days | 1 Month | 6 Months | 1 Year | 5 Years |
|---|---|---|---|---|---|
| +0.99% | -3.14% | -11.80% | -39.50% | -74.06% | 0.0% |
How might the reclassification of promoter shares to the public category impact Rajasthan Tube Manufacturing's free float and liquidity on the stock exchanges?
Could this move signal an impending dilution of the remaining promoter family's stake through open market sales or further divestment?
What are the implications for corporate governance and control stability given that the original promoters hold nil equity and no management rights?
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