CG Power and Industrial Solutions has received approval from stock exchanges to reclassify Algavista Greentech Private Limited, a member of the promoter group, as a public shareholder. This reclassification follows an application by the company and will result in Algavista Greentech no longer being categorized as a ‘Promoter’. The change is made in accordance with listing regulations.
Promoter Group Reclassification
CG Power and Industrial Solutions announced that Algavista Greentech Private Limited, currently classified as part of the promoter group, will be reclassified as a public shareholder.
Details of the Reclassification
The company received approval from both the National Stock Exchange of India Ltd. and BSE Limited. The application sought to remove Algavista Greentech from the ‘Promoter’ category.
Equity Shareholding
Post reclassification, Algavista Greentech Private Limited will have 0.00% equity shareholding.
Source: BSE
