Prozone Realty Limited , a prominent real estate company, has taken a significant step in restructuring its shareholder categories. The company has submitted applications to both the Bombay Stock Exchange (BSE) and the National Stock Exchange of India (NSE) seeking no-objection for the reclassification of four members of its promoter group to the public category.

Details of the Reclassification Request

The reclassification request involves the following individuals and entity:

Regulatory Compliance

Prozone Realty has adhered to the regulatory requirements set forth by the Securities and Exchange Board of India (SEBI) Listing Obligations and Disclosure Requirements (LODR) Regulations, 2015. The company's actions include:

1. Consideration of the reclassification request by the Board of Directors.
2. Submission of applications to BSE and NSE within the mandated five-day timeline as per Regulation 31A(3)(a)(iii) of the SEBI LODR Regulations.

Implications and Next Steps

The reclassification, if approved, would move these four members from the 'Promoter Group' category to the 'Public' category. This change could potentially impact the company's shareholding structure and public float.

It's important to note that the reclassification is subject to approval from both stock exchanges. Investors and market watchers may be observing the outcome of these applications, as it may influence the company's governance structure and market perception.

Prozone Realty Limited continues to operate from its registered office at Unit-A, 2nd Floor, South Tower, Hotel Sahara Star, Opposite Domestic Airport, Vile Parle (East), Mumbai 400 099.

Prozone Realty Limited has announced two significant corporate actions approved by its Board of Directors.

New Wholly-Owned Subsidiary

The Board has given the green light for incorporating a new wholly-owned subsidiary named Prozone Arcade Pvt Ltd. The company will invest Rs 1.00 lakh in cash for 10,000 equity shares of Rs 10.00 each in the new entity. Prozone Arcade will operate in the construction and real estate sectors, expanding Prozone Realty's presence in these areas.

Promoter Group Reclassification

In a move that could impact the company's shareholding structure, the Board has approved requests from certain promoter group members to be reclassified into the public shareholder category. The reclassification, subject to regulatory and shareholder approvals, involves the following individuals and entities:

• Ghanshyam Rawat
• Vandana Vaidh (holding 1,620 shares)
• Pushpalata Rawat
• Rakesh Rawat Family Trust (holding 35,85,796 shares, representing a 2.35% stake)

The applicants have confirmed compliance with regulatory conditions, including:

• Holding less than 10% voting rights
• Not exercising control over the company
• No special rights through formal or informal arrangements
• No representation on the board of directors

Regulatory Compliance

The reclassification is pending approvals from stock exchanges, shareholders, and other required authorities. This move aligns with SEBI regulations on promoter reclassification and could potentially impact the company's shareholding pattern.

Prozone Realty's actions reflect ongoing corporate restructuring efforts, potentially aimed at streamlining operations and shareholding structure. Investors and market watchers will be keen to see how these changes may impact the company's future strategies and governance.