Rathi Steel Board approves promoter reclassification to public
Rathi Steel & Power Ltd's Board of Directors, at a meeting on September 28, 2026, approved the reclassification of DBG Leasing and Housing Limited from the 'Promoter & Promoter Group' category to the 'Public' category. This reclassification, subject to stock exchange and shareholder approval, was requested by DBG Leasing and Housing Limited on September 19, 2026. The Board noted that DBG Leasing and Housing Limited is no longer under the control of its erstwhile promoters following a Corporate Insolvency Resolution Process (CIRP) and subsequent takeover by new management. Furthermore, DBG Leasing and Housing Limited holds less than 10% voting rights, has no say in the company's management, and does not have any special rights or board representation. The company also confirmed compliance with Minimum Public Shareholding requirements.
Key Highlights
- Board approved DBG Leasing's reclassification request.
- DBG moves from Promoter Group to Public category.
- Approval contingent on stock exchange and shareholders.
- DBG lost control post-CIRP, holds <10% voting rights.
- Company maintains Minimum Public Shareholding norms.
Price Impact
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