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 foreign fund, has acquired 31,50,000 equity shares (9.4334%) of Iconik Sports and Events Ltd through a preferential allotment dated April 30, 2025. The acquirer is not part of the promoter group — it is an external institutional investor. The company's total share count jumped from 1.96 crore to 33.39 crore equity shares, indicating a significant stock split or bonus issue happened alongside this allotment. The acquisition moves the fund's holding from nil to 9.43%, just shy of the 10% threshold that triggers further disclosure obligations under SEBI takeover rules. The disclosure was filed on June 24, 2025, on the BSE.
A foreign fund taking a nearly 10% strategic stake is mildly positive as it signals external institutional interest in a small-cap company, though the size of the fund's investment is modest. The holding sits just below the 10% creep limit, meaning any further purchase will require additional disclosures and could attract further regulatory and market attention.