Titan Europe Ltd., which had a stake in the city-based Wheels India Ltd., has sought reclassification of its status from ‘promoter and promoter group’ to ‘public category,’ following the divestment of its stake in the company.
In a letter written to Wheels India on Thursday, Titan Europe said that at the time of writing this letter, the company does not hold any equity shares of the company.
“We no longer hold any special rights through formal or informal arrangement or have any influence over the business and policy decisions made by the company. We are not involved in the day-to-day affairs of the company. We are not privy to any price sensitive information of the company, directly or indirectly,” Titan Europe said in the letter. Later, Wheels India forwarded the letter to BSE & NSE.
Last month, Titan Europe announced its decision to cut it stake to 5%. Currently, it does not have any shares, according to the letter.