Ravindra Sannareddy's shareholding in Megasoft reclassified under public category

Chennai, Feb 24 (PTI): Information technology major Megasoft has received the approval for reclassification of holdings of Ravindra Sannareddy and his family from 'promoter and promoter group category'' to public category.

The development follows the request made by Sannareddy, who has been instrumental in the growth of Megasoft since June 1999, to opt out of the 'promoter' category.

''The Board of Directors of Megasoft informed the stock exchanges for reclassification of holdings of Ravindra Sannareddy and his family, from 'Promoter and Promoter Group Category'' to public category in the company, under the provisions of Regulation 31A of SEBI (listing obligations and disclosure requirements) Regulations, 2015, a press release said.

Sannareddy had relenquished the Directorship and Chairmanship of the board in September 2012 and his equity stake had significantly reduced and that he was no way concerned with the management of the company for a long period.

He had requested that he no longer be classified as a promoter and hence the re-classification was necessitated and approved, the release said.