Heera Ispat Board Approves Promoter Reclassification to Public Category
Heera Ispat Limited's Board of Directors has approved the reclassification of promoter Dharmeshkumar Rameshchandra Mistry from 'Promoter' to 'Public' category. Mistry holds 1,234 shares, representing 0.02% of the company. The decision, made on September 12, 2025, is subject to BSE and other necessary approvals. The reclassification request complies with SEBI regulations, including the promoter holding less than 10% voting rights and not exercising control over the company. Heera Ispat confirms compliance with minimum public shareholding requirements and has no outstanding dues to regulatory bodies.
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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.
Historical Stock Returns for Heera Ispat
| 1 Day | 5 Days | 1 Month | 6 Months | 1 Year | 5 Years |
|---|---|---|---|---|---|
| +3.28% | +4.04% | +5.72% | +61.29% | +2.53% | +184.28% |
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