The Exchange has received the disclosure under Regulation 29(2) of SEBI (Substantial Acquisition of Shares & Takeovers) Regulations, 2011 for Kannan Chitrapavai Naiker & PACs
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Awaiting price reaction for this filing.
Promoter Kannan Chitrapavai Naiker along with 8 Persons Acting in Concert (PACs) acquired 25,00,000 equity shares of Iconik Sports and Events Ltd (formerly ID Info Business Services) through a preferential allotment on April 30, 2025. The promoter group's combined holding rose from 6.66% (13,08,660 shares) to 11.25% (38,08,660 shares) of the expanded share capital. To facilitate this, the company's total equity share capital grew from Rs. 19.65 crore (1.96 crore shares) to Rs. 33.84 crore (3.38 crore shares) of Rs. 10 face value each. Six PACs each received 4-5 lakh shares, while three Morarka family PACs received no additional shares. The disclosure was filed on May 2, 2025, on BSE.
Positive signal of promoter confidence as the promoter group is investing fresh capital into the company via preferential allotment, raising their stake from 6.66% to 11.25%. However, existing public shareholders face dilution as new shares were issued, and the company will need to deploy the raised capital effectively to justify the expansion.