Elpro International Boosts Stake in International Conveyors to 70.05% Through Open Market Purchases

International Conveyors Limited, a company with promoter group entity Elpro International Limited, has seen an increase in its promoter stake through a series of open market transactions. Elpro International acquired a total of 44,793 equity shares over four separate occasions, raising its overall shareholding from 69.98% to 70.05%.

Transaction Details

The acquisitions were carried out in four tranches:

On September 5, Elpro International purchased 14,724 shares, increasing its holding from 69.98% to 70.00%.
On September 8, the company acquired an additional 11,263 shares, further raising its stake to 70.02%.
On September 9, Elpro International bought 9,123 more shares, pushing its ownership to 70.03%.
On September 10, the final purchase of 9,683 shares brought the total stake to 70.05%.

These transactions increased Elpro's total shareholding in International Conveyors from 4,43,55,464 shares to 4,44,00,257 shares.

Regulatory Compliance

In accordance with the Securities and Exchange Board of India (SEBI) regulations, Elpro International Limited has made the necessary disclosures under Regulation 29(2) of SEBI (Substantial Acquisition of Shares and Takeovers) Regulations, 2011. The company has duly informed both the National Stock Exchange of India Limited and BSE Limited about these transactions.

About the Companies

International Conveyors Limited has an equity share capital of 6,33,79,000 shares with a face value of Re. 1 each. The shares of the company are listed on both BSE Limited and the National Stock Exchange of India Limited.

Elpro International Limited, as part of the promoter group, has been steadily increasing its stake in International Conveyors. The recent acquisitions reflect the promoter group's continued interest in strengthening its position in the company.

Shareholding Structure

Following these transactions, the updated shareholding structure of the promoter group in International Conveyors Limited is as follows:

Promoter/PAC	Shareholding	Percentage
I.G.E. (India) Private Limited	3,17,02,560	50.02
Surbhit Dabriwala	80,83,355	12.75
Elpro International Limited	9,21,563	1.45
Dabri Properties & Trading Company Private Limited	17,84,000	2.81
Smiti Somany	7,90,000	1.25
R.C.A. Limited	6,27,520	0.99
Yamini Dabriwala	3,59,900	0.57
Sujata Saraf	1,00,000	0.16
Pushpa Bagla	31,359	0.05
Ritu Dalmia	0	0.00

The total promoter group holding now stands at 4,44,00,257 shares, representing 70.05% of the company's equity.

These open market purchases by Elpro International Limited underscore the promoter group's confidence in International Conveyors Limited and their commitment to increasing their stake in the company.

1 Day	5 Days	1 Month	6 Months	1 Year	5 Years
+0.81%	-2.27%	-8.28%	+5.83%	+0.54%	+17.73%

International Conveyors Limited has initiated a postal ballot process to seek shareholder approval for two key resolutions concerning Shri Yogesh Kajaria (DIN-01832931). The company is looking to appoint Kajaria as both a Director and the Chairman & Managing Director, following the unexpected passing of the previous Managing Director, Shri R. K. Dabriwala.

Proposed Resolutions

Ordinary Resolution: Appointment of Shri Yogesh Kajaria as a Director of the company.
Special Resolution: Appointment of Shri Yogesh Kajaria as Chairman & Managing Director, including the fixation of his remuneration.

Appointment Details

Effective Date: December 06, 2024
Term: Three years (December 06, 2024 to December 05, 2027)
Current Position: Additional Director (appointed on December 06, 2024)

Proposed Remuneration Package

The company has outlined a comprehensive remuneration package for Shri Yogesh Kajaria:

Component	Amount
Basic Salary	Rs. 3,88,125 per month
Special Allowance	Rs. 1,89,490 per month
Commission	Up to 5% of segmental operating profits of Conveyor Belting Division exceeding Rs 30 crores

Professional Background

Shri Yogesh Kajaria brings significant expertise to his proposed role:

Qualification: Chartered Accountant
Experience: Over 25 years in financial services
Association with International Conveyors: Serving as President since December 2023

Voting Process

Shareholders can participate in the decision-making process through e-voting:

E-voting Period: January 23, 2025 to February 21, 2025
Results Announcement: Expected by February 25, 2025

This move by International Conveyors Limited to appoint Shri Yogesh Kajaria in a leadership role comes at a crucial time for the company. The proposed appointment and remuneration structure reflect the company's strategy to bring in experienced leadership to guide its future direction, particularly in enhancing the performance of its Conveyor Belting Division.

Shareholders will play a pivotal role in this decision, and the outcome of the postal ballot will be closely watched by stakeholders and industry observers alike.