The Exchange has received the disclosure under Regulation 29(2) of SEBI (Substantial Acquisition of Shares & Takeovers) Regulations, 2011 for Krishnan Kannan Naiker & PACs
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Promoters and persons acting in concert (PACs) of Iconik Sports And Events Ltd acquired 25,00,000 equity shares (7.39% of total share capital) via preferential allotment on April 30, 2025. Six members, led by Krishnan Kannan Naiker (5,00,000 shares) and five PACs (4,00,000 shares each), received the allotment. Post-allotment, the total promoter group holding rose sharply from 6.66% (13,08,660 shares) to 11.25% (38,08,660 shares), crossing the 10% disclosure threshold. The equity share capital after the allotment stands at Rs. 33,84,60,000 divided into 3,38,46,000 equity shares of Rs. 10 each.
The promoter group's increase from 6.66% to 11.25% signals strong insider confidence, but the preferential allotment results in dilution for existing non-promoter shareholders. The stock may see positive sentiment in the short term given promoter buying, though shareholders should note the dilutive nature of preferential issues.