Considered and approved the allotment of 1,41,85,000 Equity Shares of face value of Rs. 10/- each at an issue price of Rs. 20/- per share (including a premium of Rs. 10/- per share) to ....
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The Board of Iconik Sports and Events Ltd approved the allotment of 1.41 crore equity shares of Rs. 10 face value at Rs. 20 per share (Rs. 10 premium) on a preferential basis. The total capital raised is approximately Rs. 28.37 crore. Shares were allotted to 6 promoters (totalling around 25 lakh shares) and 27 non-promoters (around 1.17 crore shares). Notably, three foreign/alternative investment funds — Radiant Global Fund, Minerva Ventures Fund, and Al Maha Investment Fund (Onyx Strategy) — each received 31.5 lakh shares, together accounting for about 66% of the total issue.
The preferential issue will dilute existing shareholders but brings in roughly Rs. 28.37 crore of fresh capital, strengthening the company's balance sheet. The significant participation of three institutional funds suggests strategic interest, though the small free-float and concentrated allotments to specific funds may impact liquidity and stock price in the short term.