Algavista Greentech Private Limited (AGPL) has requested to be reclassified from the ‘promoter and promoter group’ category of Coromandel International. This request follows a change in shareholding, with E.I.D.-Parry (India) Limited (EID) reducing its stake in AGPL from 50% to nil. AGPL states it no longer meets the definition of a promoter group and currently holds nil shares in Coromandel International.
Request for Reclassification
Coromandel International has received a request from Algavista Greentech Private Limited (AGPL) seeking reclassification from the ‘promoter and promoter group’ category to a ‘public’ category shareholder. The request was made via a letter dated December 18, 2025.
Rationale Behind the Request
The reclassification request is primarily due to a change in AGPL’s shareholding structure. E.I.D.-Parry (India) Limited (EID) has decreased its stake in AGPL from 50% to 0% following a stake sale to its joint venture partner, Synthite Industries Private Limited.
AGPL clarified that it does not fall under the definition of promoter group and has requested that their name be removed from Coromandel International’s promoter group list. As of the date of the request letter, AGPL holds nil shares in Coromandel International.
Next Steps
Coromandel International will present AGPL’s request to its Board of Directors. Upon board approval, the company intends to seek a no-objection certificate from the National Stock Exchange of India Limited and BSE Limited.
Source: BSE
