The Exchange has received the disclosure under Regulation 29(1) of SEBI (Substantial Acquisition of Shares & Takeovers) Regulations, 2011 for Minerva Ventures Fund
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Minerva Ventures Fund, a Mauritius-based fund (likely an FPI/FII vehicle), acquired 31,50,000 equity shares (9.31%) of Iconik Sports and Events Ltd via a preferential allotment on 30.04.2025. This was a fresh acquisition — the fund held no shares in the company prior to this allotment. The acquisition was made as a non-promoter entity. The company's total share capital expanded from Rs. 19.65 crore (1.96 crore shares) to Rs. 33.84 crore (3.38 crore shares), indicating a significant fundraise through the preferential route. The acquirer's stake of 9.31% is just below the 10% SAST disclosure threshold, making this a notable block entry.
A new foreign institutional investor taking a near-9.31% stake signals confidence in the company and brings in fresh capital, which is generally positive for the stock. Existing shareholders should note potential dilution from the preferential issue as the share count rose by ~72%.