The Exchange has received the disclosure under Regulation 29(2) of SEBI (Substantial Acquisition of Shares & Takeovers) Regulations, 2011 for Kannan Sowmya Naiker & Others
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The promoter group of Iconik Sports And Events Ltd, led by Kannan Sowmya Naiker along with 8 persons acting in concert (including Krishnan Kannan Naiker, Sivani Kannan Naiker, Murugan Krishnan, Mahalakshmi Selvaraj and others), acquired 25,00,000 equity shares (7.39% of the company) on 30 April 2025 through a preferential allotment. The acquisition was distributed across six promoter group members, with Krishnan Kannan Naiker taking the largest tranche of 5,00,000 shares (1.48%) and the remaining five members each receiving 4,00,000 shares (1.18% each). Following the allotment, the combined promoter group holding rose from 6.66% (13,08,660 shares) to 11.25% (38,08,660 shares), an increase of 4.59 percentage points. The equity share capital before the acquisition stood at Rs. 19,65,70,000 (1,96,57,000 shares of Rs. 10 each), and the disclosure has been made within the required timeline.
This is a confidence-building signal as the promoter group is putting fresh equity into the company. However, existing shareholders will face significant dilution since the preferential allotment has materially expanded the share base, which may weigh on earnings per share in the near term.