Sri KPR Industries Limited has announced that two members of its promoter group have withdrawn their applications for reclassification from the 'Promoter Group' category to the 'Public' category of shareholders.

Withdrawal of Reclassification Applications

Gaddam Madhumathi and Hemanth Reddy Gaddam, both part of the promoter group, have rescinded their original requests for reclassification. The company received withdrawal letters from both individuals, effectively maintaining their status within the promoter group.

Shareholding Details

According to the company's disclosure:

Implications for the Company

As a result of these withdrawals, Sri KPR Industries Limited will not pursue the reclassification process any further. The company has stated that it does not require a No Objection Certificate (NOC) from the Bombay Stock Exchange (BSE) regarding this matter.

Corporate Action Timeline

• Original reclassification requests submitted by Gaddam Madhumathi and Hemanth Reddy Gaddam.
• Withdrawal letters sent by both individuals to the company's Board of Directors.
• Company's official announcement to BSE regarding the withdrawal of reclassification applications.

Company Background

Sri KPR Industries Limited, with the Corporate Identification Number (CIN) L20200TG1988PLC009157, is a manufacturer of "SVP" brand A.C. Pr. Pipes under the MAZZA Process. The company's registered office is located at the 5th Floor, V.K. Towers, S.P. Road, Secunderabad - 500 003, Telangana.

This development underscores the importance of transparent communication between listed companies and their shareholders, particularly concerning changes in promoter group composition and shareholding patterns.

Sri KPR Industries Limited, a manufacturer of "SVP" brand A.C. Pr. Pipes under the MAZZA Process, has received requests from two individuals to be reclassified from the 'Promoter Group' category to the 'Public' category of shareholders.

Reclassification Requests

The company received formal requests from Hemanth Reddy Gaddam and Gaddam Madhumathi seeking reclassification under Regulation 31A of the Securities and Exchange Board of India (SEBI) Listing Obligations and Disclosure Requirements (LODR) Regulations.

Shareholding Details

The reclassification requests provide insight into the current shareholding of the individuals:

Reasons for Reclassification

Both individuals have stated that they are no longer associated with the company's business operations. They have confirmed that they:

• Do not influence business decisions
• Are not involved in day-to-day activities of the company
• Do not exercise control over the affairs of the company

Regulatory Compliance

In their requests, Hemanth Reddy Gaddam and Gaddam Madhumathi have certified compliance with various regulatory conditions, including:

• Not holding more than 10% of the total voting rights in the company
• Not having any special rights through formal or informal arrangements
• Not representing on the board of directors or acting as key managerial personnel
• Not being classified as 'wilful defaulters' or fugitive economic offenders

Next Steps

The reclassification requests will need to be reviewed and approved by the company's Board of Directors and shareholders, as well as the stock exchanges, in accordance with SEBI regulations. The individuals have committed to complying with the relevant regulations for a period of at least three years from the date of reclassification, if approved.

Sri KPR Industries Limited has duly informed the BSE about the receipt of these reclassification requests, as required under Regulation 31A(8) of the SEBI LODR Regulations. The company's management will process these requests in line with the regulatory framework and keep the market informed of any developments in this regard.

Investors and market participants are advised to monitor further announcements from the company for updates on the reclassification process and its potential impact on the shareholding structure.