International Conveyors Limited has informed the Exchange about Acquisition
INTLCONV · price
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International Conveyors Limited has acquired 1,40,000 equity shares of Religare Enterprise Limited for Rs. 3.13 crore in cash. The acquisition was completed on April 9, 2026. Religare Enterprise Limited is a holding company for a diversified financial services group offering loans to SMEs, affordable housing finance, health insurance, and capital markets services. The target company had a turnover of Rs. 7,354.24 crore in FY 2024-25, showing consistent growth from Rs. 4,676.46 crore in FY 2022-23. The company stated the acquisition is for investment purpose and confirmed it is not a related party transaction.
This acquisition gives ICL a stake in a large financial services group with diversified revenue streams. While the stake appears small relative to Religare's size, it represents a strategic investment into the financial services sector outside ICL's core business. Shareholders should note this diversification move.