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Stock market regulator SEBI has not accepted Gillette’s proposal of reclassifying a promoter as a non-promoter, confirmed SEBI sources.
SEBI in its reply, apparently stated that a promoter cannot be declassified as a non-promoter on giving up special rights (when the shares remain with the entity) as the shares were fully paid-up.
Indian promoters hold 47.7 per cent in the company while foreign promoters hold 41.05 per cent. To comply with the minimum public shareholding norms of 75 per cent, the promoters have to offload over 13 per cent stake.
The company had applied to SEBI under the ‘other means’ category to comply with minimum public shareholding requirement of 25 per cent. Under this, listed entities desirous of achieving the minimum public shareholding requirement through other means were allowed to approach SEBI with appropriate details.
SEBI had announced that it would take up such cases and communicate its decision within 30 days.
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