Loyal Textile Mills Promoter Reclassification Approved

Loyal Textile Mills Ltd has announced that its Board of Directors has granted in-principle approval for the reclassification of promoter Palaniappan Manivannan to the public category. This is subject to shareholder approval. The promoter has requested reclassification after selling his entire holding of 2 shares at ₹205.50 per share, totaling ₹3411. He has declared that he will not exercise any control over the company's management or affairs post-reclassification. The Board has authorized Dr. V. Rajesh to obtain the necessary shareholder approval.