"The Board of Directors has approved the proposal for re-classification of existing promoters and promoter group into the public shareholder category as requested by them, subject to approval of shareholders of the company," Religare Enterprises said in a statement.
The brothers and promotor groups have brought down their shareholding in the company substantially over a period of time on a number of factors as also Malvinder and Shivinder quit from the boards of Fortis and Religare Enterprises in February this year.
The combined shareholding of the promoters and promoter groups now stands at 3.01 per cent, substantially down from 50.93 per cent as on June 30, 2016 and even before that time. Other family members of the company had also significant stake in REL which now stands as nil.
The billionaire Singh brothers faced an international arbitration with Japan's Daiichi Sankyo to make a payment of Rs 3,500 crore as the latter alleged that the former promoters of Ranbaxy Laboratories Ltd had concealed information about proceedings against them by the American food and drug department.
Mehta will stay on as non-executive non-independent director, subject to RBI approval, it said.
Patel comes with over 26 years of financial experience and has worked in select multinational and domestic financial institutions on diverse mandates.
Shares of Religare Enterprises traded 0.76 per cent down at Rs 45.65 on BSE.
(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)