North Star FII picks up 8.94% stake in Sancode via warrant conversion
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North Star Opportunities Fund VCC, a Mauritius-based FII (not a promoter), acquired 6,66,667 equity shares of Sancode Technologies on 30 September 2026 by converting warrants into equity shares through a preferential issue. The fund now holds 8.94% of the company's voting capital (8.88% on a diluted basis). Investment was routed through FDI. Sancode's total share capital expanded from about 40.68 lakh to about 74.55 lakh shares as a result of this allotment.
FII crossed 5% creeping acquisition zone. Holding at 8.94%, any move past 10% will trigger open offer obligations under takeover rules.