Mumbai, January 28, 2025 – Excel Industries Limited (NSE: EXCELINDUS, BSE: 500650) has received regulatory approval from BSE and NSE for the reclassification of promoter shareholder Abhay Saraiya from the "Promoter" category to "Public" shareholder status. The approval was granted in accordance with Regulation 31A of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.
Key Details of Reclassification
Promoter Name
Pre-Reclassification Category
Post-Reclassification Category
Shares Held
% of Shareholding
Abhay Saraiya
Promoter
Public
2,332
0.02%
Stock Exchange Approvals:
NSE Approval:Letter No. NSE/LIST/415 dated January 27, 2025.
BSE Approval:Letter No. LIST/COMP/HN/1585/2024-25 dated January 27, 2025.
Impact on Shareholding Structure
Following the reclassification, Excel Industries' promoter holding has decreased slightly from 52.57% to 52.55%, while the public holding has increased from 47.43% to 47.45%.
Company Statement
Excel Industries confirmed that the reclassification was initiated voluntarily and follows the necessary regulatory framework. The updated shareholding details will be reflected in future stock exchange disclosures.
Strategic Implications
This move suggests a gradual dilution of promoter control, potentially enhancing liquidity and allowing for a more diversified shareholder base. The impact on governance and strategic decision-making will be closely monitored by investors.