Neueon Corporation Reclassifies Promoter Status as Stock Exchange Approves Change
Neueon Corporation Limited has completed the reclassification of several members of its erstwhile Promoters, moving them into the public category. This change follows approval secured from both the BSE and NSE regarding their status under the Approved Resolution Plan sanctioned by the Hon'ble NCLT order dated October 23, 2024.The company confirmed that nine entities or individuals previously categorized as promoters have been reclassified. These members held a combined total of 2,05,29,443 shares, representing 3.62% of the stockholding prior to the reclassification event.
The companies and individuals whose status was reclassified include:
| Sr. No. | Name of Outgoing Promoter | No. of Shares | % Shareholding |
|---|---|---|---|
| 1 | Foster Infin Trading Pvt Ltd | 50,95,999 | 0.90% |
| 2 | Yalamanchili Finance and Trading Private Limited | 47,67,500 | 0.84% |
| 3 | Sujana Capital Services Ltd | 682 | 0% |
| 4 | Sujana Finance and Trading Private Limited | 3,76,435 | 0.07% |
| 5 | Sujana Holdings Limited | 1,01,29,629 | 1.79% |
| 6 | Sujana Pumps and Motors (P) Ltd | 0 | 0% |
| 7 | Yalamanchili Satyanarayana Chowdary | 1,40,657 | 0.02% |
| 8 | G Srinivasa Raju | 10,184 | 0% |
| 9 | (Late) Sandepudi Hanumantha Rao | 8357 | 0% |
Impact on Shareholding Structure
The reclassification significantly impacted the company's aggregate shareholding structure. The data provided indicates a shift in ownership percentages, moving the entities from promoter status to public category according to regulatory requirements.The summary of Pre-Reclassification and Post-Reclassification holdings is as follows:
| Quarter | Promoter Holding (Shares) | Promoter Holding (%) | Public Holding (Shares) | Public Holding (%) |
|---|---|---|---|---|
| Pre-Reclassification | 52,94,30,411 | 93.63 | 3,60,15,109 | 6.37 |
| Post-Reclassification | 50,89,00,968 | 90 | 5,65,44,552 | 10 |
Disclaimer: Due care and diligence have been taken in compiling and presenting news and market-related content. However, errors or omissions may arise despite such efforts.
The information provided is for general informational purposes only and does not constitute investment advice, a recommendation, or an offer to buy or sell any securities. Readers are advised to rely on their own assessment and judgment and consult appropriate financial advisers, if required, before taking any investment-related decisions.
Any views, opinions, or statements expressed, where applicable, are those of the respective analysts or experts and do not reflect the views of this website. The website has no association with such viewpoints and does not assume any responsibility for them.