The Exchange has received the disclosure under Regulation 29(2) of SEBI (Substantial Acquisition of Shares & Takeovers) Regulations, 2011 for Mahalakshmi Selvaraj & PACs
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Mahalakshmi Selvaraj along with 8 Persons Acting in Concert (PACs) acquired 25,00,000 equity shares (7.39%) of Iconik Sports and Events Limited through a preferential allotment on 30 April 2025. The promoter group's combined holding rose from 13,08,660 shares (6.66%) to 38,08,660 shares (11.25%) of the company. The company's total equity share capital increased from Rs. 19.66 crore (1.96 crore shares) to Rs. 33.84 crore (3.38 crore shares) as part of this preferential issue. Krishnan Kannan Naiker remains the largest individual holder in the group at 4.06% post-allotment.
This signals promoter confidence in the company, as insiders are putting fresh capital into the business through a preferential allotment. The move increases the promoter group's stake above the 10% disclosure threshold, which is generally viewed positively by retail investors but also means greater concentration of ownership.