Star Health and Allied Insurance Company Limited has announced that several entities previously classified under the ‘Promoter Group’ have formally requested reclassification to the ‘Public’ category. This move, driven by regulatory requirements and changes in shareholding patterns following the passing of Late Mr. Rakesh Jhunjhunwala, is subject to approvals from the Board of Directors and stock exchanges. The identified entities include AERS Consultancy Services Private Limited, Alchemy Capital Management Private Limited, and others.
Star Health Initiates Promoter Reclassification Process
Star Health and Allied Insurance Company Limited has officially notified the stock exchanges, BSE Limited and National Stock Exchange of India Limited, regarding requests received from several shareholders to reclassify their status from ‘Promoter Group’ to ‘Public Category’. This action is undertaken in compliance with Regulation 31A of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.
Background of Reclassification
The requests stem from a shift in shareholding dynamics, particularly following the passing of Late Mr. Rakesh Jhunjhunwala, who was previously classified as a Promoter. The entities seeking reclassification, including AERS Consultancy Services Private Limited, Alchemy Capital Management Private Limited, Aptech Investments, Industrial Glass Fiber Industries, Interics, Rare Equity Private Limited, Rare Family Foundation, Rare Shares & Stock Private Limited, and IDC Electronics Limited, confirm that they no longer meet the criteria for the ‘Promoter Group’ designation. This includes not holding more than 10% of the total voting rights, not exercising control over the company’s affairs, and not having board representation or key managerial personnel positions.
Next Steps
Star Health has stated that it will proceed with all necessary steps to process these reclassification requests. This will involve obtaining the requisite approvals from the company’s Board of Directors, the stock exchanges, and its shareholders. The company anticipates that these changes will be reflected accordingly in future shareholding patterns and disclosures.
Source: BSE
