Rathi Steel receives reclassification request from DBG Leasing

Rathi Steel & Power Ltd has received a request from DBG Leasing and Housing Limited (DBG) for reclassification of its shareholding from the "Promoter and Promoter Group" category to the "Public Category." DBG currently holds 4.44% of Rathi Steel's paid-up equity share capital. The request stems from DBG undergoing a Corporate Insolvency Resolution Process (CIRP), where a new management took over following an NCLT order dated June 13, 2025. As a result, DBG's erstwhile promoters no longer control the entity. DBG asserts it no longer exercises direct or indirect control over Rathi Steel's affairs, has no representation on its Board or among key managerial personnel, and holds no special rights. The company's Board of Directors will consider this request in an upcoming meeting, after which Rathi Steel will seek necessary approvals.