Heera Ispat Receives BSE Approval for Promoter Reclassification with Warning
Heera Ispat Limited has received BSE approval for promoter reclassification under Regulation 31A, involving Dharmeshkumar Rameshchandra Mistry's 1,234 shares (0.02% stake). However, the company also received a warning letter for delayed disclosure compliance, as the material event disclosure was submitted 28 days after the application submission, violating the 24-hour disclosure requirement.
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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:
| Parameter: | Details |
|---|---|
| Promoter Name: | Dharmeshkumar Rameshchandra Mistry |
| Shares Held: | 1,234 |
| Shareholding Percentage: | 0.02% |
| Application Date: | September 17, 2025 |
| Approval Date: | December 12, 2025 |
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
| Compliance Status: | Details |
|---|---|
| Minimum Public Shareholding: | Compliant |
| Outstanding Dues: | None to SEBI, stock exchanges, or depositories |
| Trading Status: | Active on BSE |
| Future Disclosures: | Required in subsequent quarterly filings |
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.
Historical Stock Returns for Heera Ispat
| 1 Day | 5 Days | 1 Month | 6 Months | 1 Year | 5 Years |
|---|---|---|---|---|---|
| +0.14% | -17.13% | -9.31% | -22.97% | +4.80% | +141.95% |
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