International Conveyors has reported that Elpro International Limited has increased its shareholding in the company through two separate open market transactions. This move has triggered disclosure requirements under the Securities and Exchange Board of India (SEBI) regulations for substantial acquisition of shares and takeovers.

Transaction Details

According to the disclosures filed with both the Bombay Stock Exchange (BSE) and the National Stock Exchange (NSE), Elpro International Limited made the following acquisitions:

• Purchase of 3,582 equity shares
• Purchase of 5,170 equity shares

These transactions were executed through open market purchases, demonstrating Elpro International's growing interest in International Conveyors.

Regulatory Compliance

In compliance with SEBI regulations, International Conveyors promptly submitted the required disclosures to both BSE and NSE. The company, which trades under the symbol INTLCONV with scrip code 509709, ensured transparency by filing two separate disclosure reports.

Corporate Communication

Dipti Sharma, the Company Secretary and Compliance Officer of International Conveyors, signed off on the regulatory filings. The disclosures were made under Regulation 29(2) of SEBI (Substantial Acquisition of Shares and Takeovers) Regulations, 2011, highlighting the significance of the share acquisitions.

Market Implications

While the exact percentage increase in Elpro International's stake in International Conveyors was not specified, the multiple purchases suggest a strategic move to strengthen its position. This development may be of interest to market watchers and investors tracking the conveyors and industrial equipment sector.

Shareholders and potential investors of both Elpro International Limited and International Conveyors may want to monitor further developments, as such acquisitions can sometimes precede more significant corporate actions or changes in business strategy.

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:

1. On September 5, Elpro International purchased 14,724 shares, increasing its holding from 69.98% to 70.00%.
2. On September 8, the company acquired an additional 11,263 shares, further raising its stake to 70.02%.
3. On September 9, Elpro International bought 9,123 more shares, pushing its ownership to 70.03%.
4. 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:

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.