Kartik Investments Receives Reclassification Request from Algavista Greentech
Algavista Greentech Private Limited (AGPL) has requested reclassification from promoter group to public category in Kartik Investments Trust Limited. This follows E.I.D.-Parry's complete divestment of its 50% stake in AGPL to Synthite Industries. AGPL currently holds no shares in Kartik Investments and has provided necessary confirmations as per SEBI regulations. The request will be presented to Kartik Investments' board for approval before seeking BSE Limited's consent.
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Kartik Investments Trust Limited announced that it has received a formal request from Algavista Greentech Private Limited (AGPL) seeking reclassification from the promoter group category to public category under SEBI listing regulations. The development follows a significant ownership change that has altered AGPL's relationship with the company's promoter structure.
Background of the Reclassification Request
The reclassification request stems from E.I.D.-Parry (India) Limited's complete divestment of its stake in AGPL. E.I.D.-Parry, one of the promoters of Kartik Investments, previously held a 50% stake in AGPL, which qualified the latter as part of the promoter group. The entire stake has now been sold to Synthite Industries Private Limited, E.I.D.-Parry's joint venture partner.
| Parameter | Details |
|---|---|
| Requesting Entity | Algavista Greentech Private Limited |
| Current Classification | Promoter Group |
| Requested Classification | Public Category |
| Current Shareholding | Zero shares |
| Stake Divestment | E.I.D.-Parry's 50% to 0% |
| New Owner | Synthite Industries Private Limited |
Current Shareholding Position
As of the date of the request letter, AGPL holds no equity shares in Kartik Investments Trust Limited. The company's current shareholding status demonstrates its disconnection from any direct financial interest in Kartik Investments.
| Shareholder | Category | Shares Held | Percentage |
|---|---|---|---|
| Algavista Greentech Private Limited | Promoter Group | Nil | Nil |
Regulatory Compliance and Confirmations
AGPL has provided comprehensive confirmations as required under Regulation 31A(3)(b) of the SEBI Listing Regulations. The company has confirmed that neither it nor any related persons:
- Hold more than 10% of total voting rights in Kartik Investments
- Exercise control over company affairs directly or indirectly
- Possess special rights through formal or informal arrangements
- Have representation on the board of directors
- Act as key managerial personnel
- Are classified as willful defaulters or fugitive economic offenders
AGPL has also confirmed that it does not act in concert with Kartik Investments' promoter group and is not privy to any price-sensitive information relating to the company.
Next Steps and Board Approval
Kartik Investments Trust will place the reclassification request before its board of directors at the next meeting, as mandated under Regulation 31A(3) of the SEBI Listing Regulations. Following board approval, the company will seek requisite approval from BSE Limited to formalize the reclassification.
The reclassification aligns with SEBI's definition of promoter groups under the Issue of Capital and Disclosure Requirements Regulations, 2018, as AGPL no longer meets the criteria specified in regulation 2(pp) following the ownership change.
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