Star Health Receives Reclassification Requests from Two Promoter Group Entities
Star Health and Allied Insurance Company Limited received reclassification requests from Ebono Private Limited and GS E-commerce Private Limited on January 19, 2026, seeking to change their status from promoter group to public category. The request follows WestBridge AIF I's reduced shareholding in these entities below the 20% threshold that originally warranted their promoter group classification during Star Health's 2021 IPO. Both entities currently hold nil shares in Star Health and have provided required regulatory confirmations under SEBI LODR Regulations.
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Star Health Insurance has received formal requests from two promoter group entities seeking reclassification to public shareholder status under SEBI regulations. The insurance company informed stock exchanges on January 19, 2026, about the reclassification applications submitted by Ebono Private Limited and GS E-commerce Private Limited.
Entities Seeking Reclassification
The company disclosed details of the entities requesting status change in its regulatory filing:
| Entity Name | Current Category | Shares Held |
|---|---|---|
| Ebono Private Limited | Promoter Group | Nil |
| GS E-commerce Private Limited | Promoter Group | Nil |
Both entities currently hold no shares in Star Health and Allied Insurance Company Limited, despite their promoter group classification.
Background and Rationale
The reclassification request originates from changes in WestBridge AIF I's shareholding pattern. Both Ebono Private Limited and GS E-commerce Private Limited were originally classified as promoter group entities during Star Health's Initial Public Offering in December 2021. This classification was based on WestBridge AIF I, a promoter of Star Health, holding more than 20% equity share capital in both entities as per SEBI ICDR Regulations.
WestBridge AIF I, in its letter dated January 19, 2026, confirmed that it no longer holds more than 20% of the equity share capital in either entity. This change eliminates the original basis for their promoter group classification under Regulation 2(1)(pp)(iii) of SEBI ICDR Regulations.
Regulatory Compliance Confirmations
Both entities have provided comprehensive confirmations under Regulation 31A, Sub-Regulation 3(b) of SEBI LODR Regulations. The confirmations include:
- No collective holding of more than 10% total voting rights in Star Health
- No direct or indirect control over company affairs
- Absence of special rights through formal or informal arrangements
- No board representation or nominee directors
- No Key Managerial Personnel in the company
- Clean regulatory status with no wilful defaulter or fugitive economic offender tags
Next Steps and Approvals
Star Health has committed to processing the reclassification requests through proper regulatory channels. The company will seek necessary approvals from multiple stakeholders including the Board of Directors, BSE Limited, National Stock Exchange of India Limited, and company shareholders.
The reclassification process follows Regulation 31A of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. Upon approval, both entities will be removed from the promoter group category in future shareholding patterns filed with stock exchanges.
Corporate Communication
Company Secretary and Compliance Officer Jayashree Sethuraman signed the regulatory filing submitted to both BSE (Scrip Code: 543412) and NSE (Symbol: STARHEALTH). The communication included copies of original request letters from all three parties - WestBridge AIF I, Ebono Private Limited, and GS E-commerce Private Limited.
Historical Stock Returns for Star Health Insurance
| 1 Day | 5 Days | 1 Month | 6 Months | 1 Year | 5 Years |
|---|---|---|---|---|---|
| -0.67% | -2.45% | -4.98% | -0.24% | -5.91% | -51.65% |
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