Prabhu Mahalakshmi Life Insurance Limited has started the process of reclassifying 10 percent of its promoter group shares into the public shareholder category. This move will reduce the promoter holding and increase the public shareholding in the company’s ownership structure.
After the implementation of this decision, the promoter group’s stake will decrease from 84.67 percent to 74.20 percent, while the public shareholding will increase from 15.33 percent to 25.80 percent.
The proposal was previously approved by the company’s special general meeting held on Chait 19. Following this approval, the company has moved ahead with the procedural requirements for implementing the share reclassification.
Promoter shareholders who are not willing to convert their shares have been given the option to opt out by submitting a written application to the company’s head office within seven days of the notice publication.
This article was originally published on https://bajarkochirfar.com. Translated with the help of AI and reviewed by our editorial team.
