The Exchange has received the disclosure under Regulation 29(1) of SEBI (Substantial Acquisition of Shares & Takeovers) Regulations, 2011 for Radiant Global Fund - Class B Participating Shares
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Mauritius-based fund Radiant Global Fund - Class B Participating Shares has disclosed the acquisition of 31,50,000 equity shares (9.31%) of Iconik Sports And Events Ltd through a preferential allotment on April 30, 2025. Before this acquisition, the fund held no shares in the company, making this its initial entry. As a result of this preferential issue, the company's equity share capital expanded from Rs. 19.65 crore (1.96 crore shares) to Rs. 33.84 crore (3.38 crore shares) of Rs. 10 each. The acquirer is classified as a non-promoter entity, indicating fresh foreign institutional participation rather than any change in promoter holdings.
This signals the entry of a new foreign institutional investor with a sizeable 9.31% stake, which could be viewed positively as it reflects foreign confidence in the company and brings in fresh capital. The holding sits just below the 10% substantial acquisition threshold, so any further purchases by this fund would trigger additional disclosure obligations.