Avalon Technologies Limited has received a request from its promoter, Mr. Bhaskar Srinivasan, to reclassify his status and that of associated promoter group trusts from ‘Promoter’/’Promoter Group’ to ‘Public Shareholder’. This request is made under Regulation 31A of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. The total shareholding of Mr. Srinivasan and the trusts amounts to 9.42% of the company’s equity share capital. The company’s Board of Directors will consider this request at its upcoming meeting on November 12, 2026.
Promoter Seeks Reclassification
Avalon Technologies Limited announced today that it has received a formal request from Mr. Bhaskar Srinivasan, a promoter of the company, seeking his reclassification from the ‘Promoter’ category to the ‘Public Shareholder’ category. The request, dated November 2, 2026, also includes similar reclassification for promoter group trusts: BBS Family Trust, KBS Family Trust, and Dolphin Family Trust.
Rationale for Reclassification
The application is being made in accordance with Regulation 31A of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. Mr. Srinivasan, along with the Trusts, cumulatively holds 63,04,070 equity shares, representing 9.42% of the company’s total share capital. The request is based on the assertion that these entities, individually and in aggregate, hold less than 10% voting rights and are not involved in the management or exercise control over the company’s affairs.
In his undertaking, Mr. Srinivasan confirms that the entities seeking reclassification do not hold more than 10% of the total voting rights, do not exercise control over the company, have no special rights, are not represented on the board, are not key managerial personnel, are not wilful defaulters, and are not fugitive economic offenders.
Board Consideration
The reclassification request will be placed before the Board of Directors of Avalon Technologies Limited for consideration at its next meeting, scheduled to be held on November 12, 2026. The company has also stated that it will take all necessary steps for the reclassification, including making the requisite application to the stock exchanges, in accordance with the SEBI regulations.
Shareholding Details
| Shareholder | No. of Shares | % |
| Bhaskar Srinivasan | 49,34,120 | 7.38% |
| BBS Family Trust | 6,84,475 | 1.02% |
| KBS Family Trust | 6,84,475 | 1.02% |
| Dolphin Family Trust | 1,000 | 0.00% |
| TOTAL | 63,04,070 | 9.42% |
The event date for this information is November 02, 2026, at 09:15 p.m. (IST).
Source: BSE
