Purple Finance Limited has announced the withdrawal of an application for reclassification of a promoter group shareholder to the public category. The company made this disclosure in a recent filing to the Bombay Stock Exchange (BSE).

Key Details

• Shareholder Involved: Mr. Satyaprakash Pathak, a member of the Promoter Group
• Original Request: Reclassification from Promoter Group to Public category
• Current Status: Application withdrawn

Background

Purple Finance Limited had previously made intimations regarding this matter on August 12 and August 14. The company's latest filing, dated August 26, provides an update on the situation.

Official Statement

In the official communication to the BSE, Purple Finance stated:

"Mr. Satyaprakash Pathak, Shareholder belonging to Promoter Group has submitted withdrawal application for reclassification from Promoter Group to Public category."

Regulatory Context

The reclassification process falls under Regulation 31A of the Securities and Exchange Board of India (SEBI) Listing Obligations and Disclosure Requirements (LODR) Regulations, 2015. These regulations govern the reclassification of promoters as public shareholders.

Company Information

Purple Finance Limited is listed on the BSE. The company's registered office is located in Mumbai, and it operates in the financial services sector.

This development may be of interest to investors and market analysts following Purple Finance Limited, as changes in promoter classifications can sometimes impact market perceptions and regulatory considerations for listed companies.

Purple Finance Limited , a prominent player in the financial services sector, has announced significant changes in its shareholding structure and board composition. The company's Board of Directors has approved several key decisions that are set to reshape its corporate governance landscape.

Reclassification of Promoter Group Members

In a move that could potentially alter the company's ownership structure, Purple Finance's Board has given the green light for the reclassification of 10 members from the 'Promoter/Promoter Group' category to the 'Public' category. This decision affects shareholders who collectively hold 51,04,122 shares, representing 9.37% of the company's total shareholding.

The shareholders seeking reclassification include:

It's important to note that this reclassification is subject to shareholder approval and consent from the stock exchanges. Purple Finance has already filed an application with BSE Limited seeking no objection for this status change.

New Board Appointment

In another significant development, the Board has approved the appointment of Mr. Sandeep Jindal as a Non-Executive Non-Independent Director, subject to approval from the Reserve Bank of India (RBI). Mr. Jindal brings with him over 25 years of experience in strategic, operational, and business leadership, particularly in NBFCs, securities, and capital markets.

Technological Advancement

Purple Finance is also making strides in technological innovation. The Board has approved the development of an in-house Loan Origination System (LOS) software in collaboration with Techbulls SoftTech Private Limited. This project, estimated to cost approximately 85.00 lakh rupees plus applicable taxes, is expected to enhance the company's operational control and process efficiency.

Fund Raising Plans

Looking ahead, Purple Finance has set its sights on expansion. The Board has approved a proposal to raise funds up to 100.00 crore rupees through various means, including the issuance of equity shares, convertible securities, or a combination thereof. This move is aimed at fueling the company's growth plans and strengthening its financial position.

These developments mark a significant shift in Purple Finance's corporate structure and strategy. As the company awaits necessary approvals and implements these changes, stakeholders will be keenly watching how these moves impact its future growth trajectory and market position.