Elitecon International Ltd saw a reduction in institutional holding as EBISU Global Opportunities Fund Limited disposed of 24,224,689 equity shares through open market transactions.

The disposal occurred over a period from July 10, 2026, to September 18, 2026. Following this sale, the fund's shareholding in the company decreased from 6.37% to 4.85% of the total voting capital. The transaction was executed as a market sale of equity shares, with no encumbrances or convertible securities involved in the holding structure.

Stakeholding Details

The regulatory filing under Regulation 29(2) of the SEBI (Substantial Acquisition of Shares and Takeovers) Regulations, 2011, provides a clear breakdown of the pre- and post-transaction positions for EBISU Global Opportunities Fund Limited. The fund does not belong to the promoter group.

Capital Structure Adjustment

A significant change in the company's equity capital structure is noted in the filing. The total equity share capital of the target company was adjusted following a 10:1 share split.

• Pre-Sale Capital: 1,598,500,000 equity shares of face value ₹10 each.
• Post-Sale Capital: 15,985,000,000 equity shares of face value ₹10 each.

This adjustment reflects the increased number of outstanding shares resulting from the split, which serves as the denominator for calculating the post-transaction percentage holdings.

What the Numbers Show

The data reveals a divergence between the absolute number of shares held and the percentage stake due to the corporate action of the share split. While EBISU Global Opportunities Fund Limited reduced its absolute holding by 24,224,689 shares, the percentage decline was moderated by the expansion of the total share base. The fund moved from a 6.37% stake to 4.85%, a drop of 1.52 percentage points, indicating a strategic exit from a substantial minority position while remaining a significant shareholder below the 5% threshold that often triggers additional disclosure requirements.

Elitecon International board approved the appointment of several directors and a managing director during its meeting on September 18, 2026. The company will seek shareholder approval through a postal ballot and remote e-voting process.

The Board of Directors considered and approved the Postal Ballot Notice, remote e-voting arrangements, and the appointment of the Scrutinizer. These actions were taken pursuant to Regulation 30 of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015.

Director Appointments

The ballot seeks member approval for the following appointments:

• Mr. Vipin Sharma as Director
• Mr. Pradeep Kumar as Director and Managing Director, including approval of his appointment terms and remuneration
• Mr. Paramjeet Singh Gulati as Director
• Ms. Prachi Gupta as Non-Executive Independent Woman Director
• Ms. Nisha and Mr. Suraj Singh as Non-Executive Independent Directors

Mr. Neeraj Bajaj, Practising Company Secretary, was appointed as the Scrutinizer for the process. Bigshare Services Private Limited will handle the remote e-voting arrangements.

Voting Schedule

The cut-off date for determining members entitled to receive the notice and vote is September 11, 2026. The Postal Ballot Notice was dispatched on September 18, 2026.

The Board Meeting commenced at 11:00 a.m. and concluded at 12:00 p.m. at the company’s office in New Delhi.

Source: https://lodr-files.dhan.co/lodr-inputs/Company/INE669R01026/1f982f82-afec-4a75-af44-fe9e046001bf.pdf