Star Health: Promoter group entity seeks reclassification to public

Star Health and Allied Insurance Company Limited has received a request from Sthitaprajna Advisors LLP, a promoter group entity associated with Mr. Utpal Hemendra Sheth, to be reclassified as a public shareholder. This request is made under Regulation 31A of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. Sthitaprajna Advisors LLP states that Mr. Utpal Sheth has ceased to be a Designated Partner and Partner of the LLP, and neither he nor his relatives hold any contribution in the LLP. Consequently, the LLP no longer falls under the 'Promoter Group' category as per SEBI ICDR Regulations. The company will now initiate the process for this reclassification, which includes obtaining necessary approvals from its Board of Directors, stock exchanges (BSE and NSE), and shareholders.