The Exchange has received the disclosure under Regulation 29(2) of SEBI (Substantial Acquisition of Shares & Takeovers) Regulations, 2011 for Kannan Naiker & PACs
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Kannan Krishnan Naiker, Promoter and Managing Director of Iconik Sports and Events Ltd, sold 2,00,000 equity shares in the open market on 17 and 18 February 2026. His personal holding dropped from 13,72,500 shares (4.06%) to 11,72,500 shares (3.46%). The total promoter group holding, including six persons acting in concert, declined from 38,08,660 shares (11.25%) to 36,08,660 shares (10.66%). The disclosure was filed under Regulation 29(2) of SEBI's Substantial Acquisition of Shares & Takeovers Regulations, 2011. No change in the total equity share capital of the company, which stands at Rs. 33.84 crore divided into 3,38,42,000 shares.
A promoter selling shares in the open market is generally viewed as a mild negative signal by retail investors, though the size of this sale is small and insider sales don't necessarily indicate trouble. The promoter group still holds over 10% of the company, so there is no immediate threat to promoter control or triggering of mandatory open offer thresholds.