Shoppers Stop Promoter Reclassification Rejected by Exchanges

Shoppers Stop Ltd announced that its applications for re-classification of four entities (Sundew Real Estate Private Limited, Pramaan Properties Private Limited, Content Properties Private Limited, and Sycamore Properties Private Limited) from 'Promoter and Promoter Group' to 'Public' category have been rejected by the stock exchanges. The exchanges cited that the majority shareholder of these entities, Mindspace Business Parks REIT, has unitholders/sponsors who, along with their associated entities, hold a majority shareholding in Shoppers Stop Ltd, thus failing to meet SEBI LODR Regulations, 2015 criteria. Consequently, these entities will continue to be classified as part of Shoppers Stop's Promoter Group.