Cholamandalam Investment and Finance Company has received a request on September 24, 2025, from Coromandel Engineering Company Limited (CECL), an outgoing promoter, seeking reclassification from the ‘Promoter and Promoter Group’ category to the ‘Public’ category. This request follows a change in control of CECL on December 29, 2023, after its promoters divested their shareholding. CECL now holds no shares in Cholamandalam.
Reclassification Request Received
Cholamandalam Investment and Finance Company announced that it has received a formal request for reclassification from Coromandel Engineering Company Limited (CECL), currently classified as part of the Promoter Group. The request, dated September 24, 2025, seeks a shift to the ‘Public’ category under the applicable listing regulations.
Background of the Request
The reclassification request is tied to a change in control at CECL, which occurred on December 29, 2023. This change followed the execution of a Share Purchase Agreement on September 29, 2023, where the previous promoters of CECL divested their entire shareholding in the company. As a result, CECL ceased to be part of Cholamandalam’s Promoter Group on December 29, 2023.
Current Shareholding Status
As of the date of the request letter, Coromandel Engineering Company Limited (CECL) does not hold any shares in Cholamandalam. CECL is seeking to have its name removed from the list of the company’s Promoter/Promoter Group.
Next Steps
The reclassification request from CECL will be presented to the Board of Directors for review and approval. Following Board approval, the company will seek the necessary approvals from the National Stock Exchange of India Limited and BSE Limited.
Source: BSE
