Rathi Steel & Power approved the reclassification of DBG Leasing and Housing Limited from the 'Promoter & Promoter Group' category to the 'Public' category. The decision, taken at a board meeting on September 28, 2026, follows DBG’s exit from control following its corporate insolvency resolution process.

The move is pursuant to Regulation 31A of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. The reclassification remains subject to final approval from stock exchanges, shareholders, and other necessary regulatory bodies.

Context of the Reclassification

DBG Leasing and Housing Limited submitted a request letter on September 19, 2026, seeking this change in status. The Board noted that DBG underwent the Corporate Insolvency Resolution Process under the Insolvency and Bankruptcy Code, 2016.

On June 13, 2025, the National Company Law Tribunal, New Delhi Bench-V, approved a Resolution Plan that transferred management control to new owners. Consequently, the erstwhile promoters no longer exercise control or management over DBG.

Board Observations on Control and Holdings

The Board verified several key criteria before approving the request:

• Loss of Control: DBG does not have any say in the management decisions of Rathi Steel & Power.
• Shareholding Threshold: As of the request date, DBG held less than 10% voting rights in the company.
• No Special Rights: DBG possesses no special rights within the company structure.
• Board Representation: DBG does not represent the board of directors, including as a nominee director, nor does it act as a Key Managerial Person.
• Compliance Status: DBG is neither a 'willful defaulter' per RBI guidelines nor a fugitive economic offender.

Compliance with Listing Norms

The Board confirmed that the company is compliant with Minimum Public Shareholding requirements under Regulation 38 of the SEBI LODR Regulations. The reclassification is not being initiated to achieve minimum public shareholding thresholds. Additionally, trading in the shares has not been suspended by the Stock Exchange, and there are no outstanding dues to SEBI, the Stock Exchange, or Depositories.

What the Numbers Show

The reclassification highlights a structural shift in ownership dynamics driven by regulatory intervention rather than market activity. With DBG holding less than 10% voting rights and lacking board representation, its status as a promoter was legally untenable post-insolvency resolution. This separation clarifies the promoter group definition for investors, removing an entity that no longer exerts influence over the company's strategic direction.

Rathi Steel & Power will conduct a virtual group meeting with investors and analysts on Monday, September 28, 2026. The session is scheduled from 2:00 pm to 3:00 pm IST and is organized by Arihant Capital.

The company informed BSE Limited that the interaction complies with Regulation 30 read with Part A of Schedule III of the SEBI (Listing Obligations and Disclosures Requirements) Regulations, 2015. Discussions will rely solely on generally available information and will not involve any unpublished price sensitive information.

Meeting Details

Disclosure Compliance

Pursuant to Regulation 46(2) of the Listing Regulations, the details of this interaction will be disclosed on the company's website under the Investors section. The company noted that the schedule remains subject to change due to potential exigencies involving the company, analysts, or investors.

Namita Lal Madan, Company Secretary and Compliance Officer, signed the intimation dated September 22, 2026.