Elpro International Limited has announced the acquisition of 70,580 equity shares of International Conveyors Limited through an open market purchase. The transaction, which took place on June 16, 2025, has resulted in an increase in Elpro International's individual shareholding and consequently, a rise in the total holding of the promoter and promoter group in International Conveyors Limited. This disclosure was made to the stock exchanges on June 17, 2025, in compliance with Regulation 29(2) of the SEBI (Substantial Acquisition of Shares and Takeovers) Regulations, 2011.
| Particulars | Details |
|---|---|
| Name of Acquirer | Elpro International Limited |
| Name of Target Company (TC) | International Conveyors Limited |
| Number of Equity Shares Acquired by Elpro International Ltd. | 70,580 |
| Mode of Acquisition | Open Market Purchase |
| Date of Acquisition | June 16, 2025 |
| Total Equity Share Capital of Target Company | 6,33,79,000 equity shares of Re. 1/- each |
| Stock Exchanges where Target Company is Listed | BSE Limited (Scrip Code: 509709), National Stock Exchange of India Limited (Symbol: INTLCONV) |
Detailed Shareholding Adjustments
Prior to this acquisition, Elpro International Limited, along with Persons Acting in Concert (PACs), held 4,39,92,185 equity shares in International Conveyors Limited, representing 69.41% of the total share/voting capital and 69.41% of the total diluted share/voting capital of the target company. The acquisition of 70,580 shares by Elpro International Limited constitutes 0.11% of International Conveyors Limited's total and diluted share capital.
Following this transaction, the consolidated holding of Elpro International Limited and its PACs in International Conveyors Limited has increased to 4,40,62,765 equity shares. This revised holding now represents 69.52% of the total share/voting capital and 69.52% of the total diluted share/voting capital of International Conveyors Limited. The total equity share capital of International Conveyors Limited remains unchanged at 6,33,79,000 equity shares of Re. 1/- each before and after this acquisition.
Impact on Promoter Group Holding
The acquisition specifically boosts the stake of Elpro International Limited within the promoter group of International Conveyors Limited. The detailed changes in shareholding for Elpro International Limited and the overall promoter group are as follows:
| Holder Category | Holding Before Acquisition (No. of Shares) | Holding Before Acquisition (%) | Holding After Acquisition (No. of Shares) | Holding After Acquisition (%) |
|---|---|---|---|---|
| Elpro International Limited (Acquirer) | 5,13,491 | 0.81% | 5,84,071 | 0.92% |
| Total Promoter / Promoter Group / PACs (Consolidated) | 4,39,92,185 | 69.41% | 4,40,62,765 | 69.52% |
The Persons Acting in Concert (PACs) with Elpro International Limited in this context include I.G.E. (India) Private Limited, Surbhit Dabriwala, Yamini Dabriwala, Sujata Saraf, Ritu Dalmia, Smiti Somany, Pushpa Bagla, R.C.A. Limited, and Dabri Properties and Trading Company Private Limited. The holdings of these individual PACs, apart from the acquirer, remained unchanged due to this specific transaction by Elpro International Limited.
Regulatory Compliance and Market Context
This share acquisition and subsequent disclosure adhere to the SEBI (Substantial Acquisition of Shares and Takeovers) Regulations, 2011. These regulations mandate timely reporting of changes in shareholding by promoters and significant shareholders to ensure transparency in the securities market. An increase in stake by promoters is often viewed positively by the market, as it can signal confidence in the company's future prospects and a commitment to its long-term growth. Open market purchases are a common method for promoters to increase their shareholding, reflecting transactions conducted at prevailing market prices.
The disclosure, signed by Rushabh Ajmera, Company Secretary and Compliance Officer of Elpro International Limited, confirms the company's adherence to regulatory requirements. Such disclosures are crucial for investors to make informed decisions by providing up-to-date information on significant shareholding changes within listed companies.
About the Companies
Elpro International Ltd. (the Acquirer) is a company with CIN L51505MH1962PLC012425, having its registered office at 17th Floor, Nirmal, Nariman Point, Mumbai - 400 021, India. The company also has operations in Chinchwadgaon, Pune.International Conveyors Limited (the Target Company) is listed on both the BSE Limited (Scrip Code: 509709) and the National Stock Exchange of India Limited (Symbol: INTLCONV). The company's total paid-up equity share capital consists of 6,33,79,000 equity shares, each with a face value of Re. 1.
This strategic acquisition by Elpro International Limited subtly strengthens its position within International Conveyors Limited, underscoring the dynamic nature of shareholdings within the Indian corporate landscape. The market will observe further actions and their implications for both companies.
