GVP Infotech Limited — Important, 25-11-2024: Updates

The company is progressing towards achieving minimum public shareholding (MPS) requirements set by SEBI, aiming to increase public shareholding to 10% within a year and to 25% within three years of the listing date in September 2022. Currently, promoter shareholding stands at 88.98%. To comply, the promoters plan to divest up to 1.5 million shares, representing approximately 0.92% of the total equity. This divestment is intended to take place by November 27, 2024. The company has already sold over 3.25 million shares during FY 2023-24 as part of this initiative. The promoters have provided an undertaking not to purchase shares during the divestment period, ensuring compliance with regulatory obligations. This strategic move reflects a positive outlook for the company's governance structure and investor base expansion.