Heera Ispat Limited , a company listed on the Bombay Stock Exchange (BSE), has initiated the process to reclassify a minority shareholder from the promoter category to the public category. This move follows the company's board meeting held on September 12, 2025.

Reclassification Details

The company has applied to the BSE for the reclassification of Dharmeshkumar Rameshchandra Mistry under Regulation 31A of the Securities and Exchange Board of India (SEBI) Listing Obligations and Disclosure Requirements (LODR) Regulations, 2015. Here are the key details of the reclassification request:

Regulatory Compliance

Heera Ispat Limited has affirmed its commitment to keeping the BSE informed about developments related to the reclassification application. The company has stated that it will submit additional disclosures if required to ensure complete compliance and transparency.

Company's Communication

In a letter addressed to the Listing Compliance Department of BSE, Heera Ispat Limited reiterated its application for promoter reclassification. The company mentioned that it had already submitted the necessary disclosure along with the application. However, it also expressed willingness to submit additional disclosures separately on the BSE portal under Regulation 30 of SEBI (LODR) Regulations, 2015, if advised by BSE officials.

Implications

While the reclassification involves a minimal shareholding of 0.02%, it represents a significant corporate action in terms of the company's shareholding structure. Such reclassifications can impact the promoter group's overall stake in the company and may have implications for regulatory compliance and corporate governance.

Investors and market participants will be watching closely for the BSE's decision on this reclassification request.

Heera Ispat Limited has successfully received approval from the Bombay Stock Exchange (BSE) for the reclassification of one of its promoters from the 'Promoter' category to the 'Public' category under Regulation 31A of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.

BSE Approval Details

The BSE granted no-objection for the reclassification request through its letter No. LIST/COMP/HG/608/2025-26 dated December 12, 2025. The approval covers the following promoter:

Compliance Warning Issued

Alongside the approval, BSE also issued a warning letter (No. LIST/COMP/HG/609/2025-26) to Heera Ispat Limited for non-compliance with disclosure requirements. The exchange noted that while the company submitted the reclassification application on September 17, 2025, the mandatory disclosure regarding the same was only submitted on October 15, 2025.

Regulatory Requirements

Under Regulation 31A(8)(c) of SEBI LODR Regulations, submission of application for re-classification of status as promoter/public by the listed entity to the stock exchanges is deemed a material event. Such events must be disclosed to stock exchanges as soon as reasonably possible and not later than twenty-four hours from the occurrence of the event.

Company's Response and Next Steps

Heera Ispat Limited, through Director Himanshi Jayrajsinh Jadeja (DIN: 10972928), has acknowledged the BSE approval and committed to ensuring all future compliances with the exchanges are done on a timely basis. The company is required to:

• Disseminate a copy of the warning letter on stock exchanges where they are listed
• Place the warning letter before their Board of Directors
• Implement corrective measures to avoid such lapses in future

Impact on Shareholding Structure

The reclassification represents a minor adjustment in the company's promoter group composition, with the affected shareholding representing only 0.02% of total shares. The company will update its shareholding pattern in subsequent quarter filings to reflect this change.