Rolex Rings Limited, a prominent player in the manufacturing sector, has recently received requests from two members of its promoter group seeking reclassification of their shareholding status. The company made this announcement in compliance with Regulation 31A of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.

Reclassification Requests

The two promoter group members who have submitted requests for reclassification are:

1. Hemal Paresh Madeka
2. Sanjay Bhagwanji Bole

Both individuals have expressed their desire to be reclassified from the 'Promoter/Promoters Group' category to the 'Public' category under SEBI regulations.

Current Shareholding

The reclassification requests provide insight into the current shareholding of these promoter group members:

It's noteworthy that while Hemal Paresh Madeka holds a significant number of shares, Sanjay Bhagwanji Bole currently does not hold any shares in the company.

Next Steps

Rolex Rings Limited has stated that the reclassification requests will be considered in the company's next board meeting. The company has assured stakeholders that it will undertake the necessary steps in compliance with Regulation 31A of the Listing Regulations.

The company's Company Secretary & Compliance Officer, CS Hardik Dhimantbhai Gandhi, confirmed that the stock exchanges will be duly informed about the board's decision regarding these reclassification requests.

This move by the promoter group members could potentially impact the company's shareholding structure and may be of interest to investors and market analysts tracking Rolex Rings Limited's stock performance and corporate governance practices.

Shareholders and interested parties are advised to keep an eye on further announcements from the company regarding the outcome of these reclassification requests.

Rolex Rings , a leading manufacturer of bearing rings and auto components, has announced a significant corporate action that is likely to increase the liquidity of its shares in the market. The company has fixed September 19 as the record date for its upcoming stock split, which will see the face value of its equity shares reduce from Rs. 10.00 to Re. 1.00 each.

Stock Split Details

The board of directors of Rolex Rings had initially recommended this stock split during their meeting held on September 4. According to the company's official communication to the stock exchanges, shareholders whose names appear in the company's records as of the specified record date will be entitled to receive the subdivided shares.

Implications for Shareholders

This 1:10 stock split means that for every one share of Rs. 10.00 face value held by a shareholder, they will receive ten shares of Re. 1.00 face value each. It's important to note that while the number of shares will increase, the overall value of a shareholder's holding will remain the same immediately after the split.

Corporate Communication

In compliance with regulatory requirements, Rolex Rings has duly informed both the Bombay Stock Exchange (BSE) and the National Stock Exchange of India Limited (NSE) about this corporate action. The company's Company Secretary and Compliance Officer, CS Hardik Dhimantbhai Gandhi, signed the official communication dated September 10.

Purpose of the Stock Split

While the company has not explicitly stated the reason for the stock split in its communication, such corporate actions are typically undertaken to:

1. Increase the liquidity of the stock in the market
2. Make shares more affordable for retail investors
3. Potentially broaden the company's shareholder base

Trading Implications

Investors and traders should note that the ex-date for this corporate action will be determined by the stock exchanges. On the ex-date, the stock price is likely to be adjusted in proportion to the split ratio.

Investor Action Required

Shareholders of Rolex Rings need not take any action regarding this stock split. The additional shares resulting from the split will be automatically credited to their demat accounts post the record date.

Rolex Rings, listed under the symbol ROLEXRINGS, continues to be a significant player in the auto components sector. Investors are advised to keep an eye on further announcements from the company and the stock exchanges regarding the implementation of this stock split.