Chalet Hotels: Promoter Group Reclassification Rejected by Exchanges

Chalet Hotels Ltd has announced the rejection of its application for re-classification of certain entities from the 'promoter group' to the 'public' category. The entities, Sundew Real Estate Private Limited, Pramaan Properties Private Limited, Content Properties Private Limited, and Sycamore Properties Private Limited, had requested the re-classification due to changes in their shareholdings. However, the stock exchanges denied the application, citing that the majority shareholder of these entities is Mindspace Business Parks REIT, whose unitholders/sponsors, along with associated entities, hold a majority stake in Chalet Hotels Ltd. Consequently, these entities will continue to be classified as part of the Promoter Group.