Heera Ispat Limited Seeks Promoter Reclassification for Minority Shareholder

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:

Particular	Detail
Shareholder Name	Dharmeshkumar Rameshchandra Mistry
Current Category	Promoter Group
Proposed Category	Public
Number of Shares Held	1,234
Shareholding Percentage	0.02%

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.

1 Day	5 Days	1 Month	6 Months	1 Year	5 Years
-0.59%	+0.12%	-5.06%	+28.03%	+4.32%	+182.61%

Heera Ispat Limited , a company listed on the Bombay Stock Exchange (BSE: 526967), has taken a significant step in restructuring its shareholding categories. The company's Board of Directors has approved a request to reclassify one of its promoters from the 'Promoter' category to the 'Public' category, subject to necessary approvals.

Key Details of the Reclassification

Item	Detail
Promoter Involved	Dharmeshkumar Rameshchandra Mistry
Shares Held	1,234
Shareholding Percentage	0.02%

Board Meeting Highlights

The decision was made during a board meeting held on September 12, 2025, at the company's registered office in Ahmedabad, Gujarat. The meeting, which began at 4:00 PM and concluded at 9:00 PM, addressed several key points:

The reclassification request was received on September 3, 2025, and promptly communicated to the BSE on the same day.
The board analyzed and approved the request in accordance with Regulation 31A of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.
The reclassification is subject to approval from the BSE and other necessary authorities.

Compliance with SEBI Regulations

The board confirmed that the reclassification request meets the criteria set by SEBI, including:

The promoter seeking reclassification does not hold more than 10% of the total voting rights.
They do not exercise control over the company's affairs directly or indirectly.
They have no special rights through formal or informal arrangements.
They are not represented on the board of directors and do not act as key managerial personnel.
They are not classified as a 'wilful defaulter' or a 'fugitive economic offender'.

Impact on Shareholding Pattern

Upon receiving the necessary approvals, Heera Ispat Limited will update its shareholding pattern in the subsequent quarter's filings. This change will be reflected in all relevant disclosures required under various SEBI regulations.

Company's Compliance Status

Heera Ispat Limited has assured that it is compliant with the minimum public shareholding requirements and has no outstanding dues to SEBI, stock exchanges, or depositories. The company's shares are actively traded on the BSE.

This move towards reclassification demonstrates Heera Ispat's commitment to maintaining transparency in its shareholding structure and adhering to regulatory guidelines. Shareholders and potential investors should note that this change, while minor in terms of shareholding percentage, represents a shift in the company's promoter group composition.