The Exchange has received the disclosure under Regulation 29(1) of SEBI (Substantial Acquisition of Shares & Takeovers) Regulations, 2011 for North Star Opportunities Fund VCC
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On the reaction day the stock moved 4.1 pts less than Nifty Microcap 250 and 3.8 pts less than its IT Enabled Services peers, over the same two closes: a difference in percentage points, not a measure of what the filing did.
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Mauritius-based fund North Star Opportunities Fund VCC (Lighthouse Capital Sub-Fund) has acquired 6,66,667 convertible warrants in Sancode Technologies through a preferential allotment on December 13, 2025. This gives the fund a 12.87% stake on a fully diluted basis (assuming full conversion of warrants). Before this transaction, the fund held no shares in the company. As a result, Sancode's total equity capital expands from 40,68,867 shares to 51,79,978 shares of face value Rs. 10 each. The investment was made through the Foreign Direct Investment (FDI) route, and the acquirer is not part of the promoter group.
This marks a fresh FII entry into the small-cap stock, which may be viewed as institutional validation and could support sentiment. However, since the holding is in the form of convertible warrants (not direct equity), actual conversion timing and pricing will determine the real impact on shareholding.