Shree Rama Multi-Tech's application to reclassify Stericon Pharma Private Limited from its promoter group to the public category was rejected by stock exchanges.

The decision is due to Stericon being a subsidiary of another existing promoter, Nirma Chemical Works, which holds a 56.53% stake in Shree Rama.

Stock exchange rules prevent reclassification if the promoter seeking change and related entities collectively hold more than 10% of voting rights.

This means the current promoter structure remains unchanged, highlighting ownership concentration for investors.