Gurugram, January 28, 2025 – Indus Towers Limited (BSE: 534816, NSE: INDUSTOWER) has announced that it has formally applied to the BSE and NSE to reclassify its Vodafone Promoters from the 'Promoter' category to the 'Public' category. The application is made by Regulation 31A of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.
Key Developments
- Background
- Vodafone Promoters had previously requested reclassification under SEBI's listing regulations.
- Indus Towers' Board of Directors reviewed and approved the request in their meeting held in January 2025.
- Application Submission
- The company applied to the BSE Limited and National Stock Exchange of India Limited on January 27, 2025, seeking the necessary no-objection or approval for the reclassification.
Regulatory Compliance
This move complies with SEBI's guidelines on reclassification, ensuring transparency and adherence to corporate governance standards. Reclassification will officially alter Vodafone Promoters' standing in the company's shareholder structure from 'Promoter' to 'Public,' impacting the overall categorization of shareholder holdings.Implications for Indus Towers
- Shareholder Dynamics: The reclassification could increase the company's public float, making it more attractive to institutional and retail investors.
- Operational Independence: This step signals a shift towards enhanced operational autonomy and shareholder diversification.
