CG Power & Industrial Solutions has received multiple requests for reclassification from promoter group entities seeking to move to the public category. The latest development involves Algavista Greentech Private Limited (AGPL), which has formally requested reclassification following changes in its ownership structure.

Latest Reclassification Request from AGPL

On 18th December 2025, CG Power received a formal request from Algavista Greentech Private Limited seeking reclassification from promoter and promoter group category to public category shareholders. This request follows a significant change in AGPL's ownership structure, where E.I.D.-Parry (India) Limited reduced its stake in AGPL from 50% to 0% through a sale to its joint venture partner, Synthite Industries Private Limited.

Previous Reclassification Request from CECL

Earlier, CG Power had received a similar request from Coromandel Engineering Company Limited (CECL) for reclassification from promoter and promoter group to public category. This request followed CECL's complete divestment of its shareholding through a Share Purchase Agreement executed on 29th September 2023, resulting in a change of control on 29th December 2023.

Regulatory Compliance and Confirmations

Both entities have provided confirmations in compliance with Regulation 31A(3)(b) of the SEBI Listing Regulations, stating that they:

• Do not hold more than 10% of total voting rights in CG Power
• Do not exercise control over CG Power's affairs directly or indirectly
• Have no special rights through formal or informal arrangements
• Have no representation on CG Power's Board of Directors
• Do not act as key managerial personnel
• Are not classified as wilful defaulters or fugitive economic offenders

Processing Timeline and Next Steps

Both reclassification requests will be placed before CG Power's Board of Directors for approval as stipulated under Regulation 31A(3) of the SEBI Listing Regulations. Upon board approval, the company will submit applications seeking no-objection from the National Stock Exchange of India Limited and BSE Limited for the reclassifications.

Trading Window Status

CG Power has announced the closure of its trading window from 30th September 2025, which will remain closed until 48 hours after the publication of unaudited financial results for the quarter and half-year ending 30th September 2025. This closure complies with SEBI regulations and the company's Code on Insider Trading.

These developments reflect the evolving ownership structure of CG Power as former promoter group entities seek reclassification following their complete divestment from the company.

CG Power & Industrial Solutions (CG Power) has received a request from Yanmar Coromandel Agrisolutions Private Limited (YCAS) for reclassification from 'promoter and promoter group' to 'public' category. This development comes in the wake of significant changes in YCAS's shareholding structure.

Shareholding Changes Trigger Reclassification Request

The reclassification request follows a substantial alteration in YCAS's ownership composition. Coromandel International Limited's (CIL) stake in YCAS decreased from 40% to 10.60% due to a significant fund infusion by Yanmar Asia (Singapore) Corporation Pte. Ltd. (Yanmar Singapore). On September 27, 2024, Yanmar Singapore injected Rs. 149.72 crore into YCAS, leading to the allotment of 11,09,00,741 equity shares with a face value of Rs. 10.00 each.

Regulatory Implications

As a result of this transaction, YCAS no longer meets the criteria for classification as a promoter group under the Securities and Exchange Board of India (SEBI) regulations. According to the SEBI (Issue of Capital and Disclosure Requirements) Regulations, 2018, an entity is considered part of the promoter group if it holds 20% or more of the equity share capital. With CIL's stake now below this threshold, YCAS falls outside this definition.

Current Shareholding and Control

It's noteworthy that YCAS currently holds zero shares in CG Power. In its request, YCAS has confirmed that it does not exercise any control over CG Power's affairs, lacks special rights or board representation, and has no access to price-sensitive information about the company.

Next Steps in the Reclassification Process

The reclassification request, dated September 16, 2025, will be presented to CG Power's Board of Directors for consideration, as mandated by Regulation 31A of the SEBI Listing Regulations. Following board approval, CG Power will submit an application to the National Stock Exchange of India Limited and BSE Limited, seeking their no-objection to the proposed reclassification.

Regulatory Compliance

In compliance with SEBI regulations, YCAS has provided necessary confirmations, including:

• Neither YCAS nor any related persons hold more than 10% of CG Power's total voting rights
• They do not exercise direct or indirect control over the company's affairs
• They have no special rights through formal or informal arrangements
• They are not represented on the board and do not act as key managerial personnel
• They are not classified as willful defaulters or fugitive economic offenders

Implications for CG Power

This reclassification, if approved, will alter CG Power's shareholding structure, potentially impacting the company's regulatory obligations and public perception. However, given YCAS's current zero shareholding in CG Power, the immediate practical impact on the company's operations is likely to be minimal.

The market will be watching closely as this reclassification process unfolds, particularly for any implications it may have on CG Power's governance structure and future strategic directions.