Esaar (India) Limited has informed BSE Limited about receiving a formal request for promoter reclassification under SEBI regulations. The company filed the intimation on December 10, 2025, regarding a significant corporate governance development.

Promoter Reclassification Request Details

The company received a request dated December 09, 2025, from Dheeraj Shah, seeking reclassification from promoter/promoter group category to public category under Regulation 31A of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.

Regulatory Compliance and Certifications

In his reclassification request, Dheeraj Shah has provided comprehensive certifications confirming his eligibility for the category change. The promoter has certified that he does not hold more than 10% of total voting rights in the company and does not exercise control over company affairs, directly or indirectly.

Key certifications include:

• No special rights with respect to the company through formal or informal arrangements
• Not represented on the board of directors
• Not acting as a key managerial person
• Not a willful defaulter as per RBI guidelines
• Not a fugitive economic offender
• No pending regulatory action

Current Status and Next Steps

Shah has stated that he is not associated with the company's business operations and does not have any influence over business and policy decisions. He confirmed that he is not involved in day-to-day activities nor exercises any control over company affairs.

The reclassification request is now subject to several approval stages:

• Analysis by the Board of Directors of Esaar (India) Limited
• Approval from BSE Limited
• Compliance with all provisions under Regulation 31A of SEBI LODR Regulations
• Other regulatory approvals, confirmations, and consents as specified

Company Information

Esaar (India) Limited, incorporated in 1951, operates from its registered office at Shop No. 06, Prathamesh Avenue, Datta Mandir Road, Malad East, Mumbai. The company's corporate office is located at 101, First Floor, Western Edge I, Western Express Highway, Borivali East, Mumbai. The intimation was signed by Bipin D Varma, Whole-Time Director of the company.

Esaar India Limited has announced a significant change in its shareholding structure. Promoter Dheeraj Shah has completely divested his stake in the company through an off-market transaction.

Key Details of the Transaction

Impact on Company Structure

The sale marks a complete exit for Dheeraj Shah from Esaar India Limited's shareholding. This move could potentially signal a shift in the company's ownership structure and might lead to changes in management strategies or corporate governance.

Company Overview

Esaar India Limited has a total equity capital comprising 2,04,42,500 shares. The recent transaction involves a significant portion of this capital, potentially impacting the company's shareholding pattern and investor relations.

Regulatory Compliance

The transaction was executed in accordance with a Share Purchase Agreement dated February 14, 2025. Such off-market transactions are subject to regulatory scrutiny and must comply with SEBI regulations, particularly those concerning substantial acquisition of shares and takeovers.

Investors and market watchers will likely keep a close eye on any subsequent disclosures or changes in the company's management structure following this significant shareholding change.