Minerva Ventures Fund, a Mauritius-based investment entity, has filed a disclosure under Regulation 29 of SEBI's Substantial Acquisition of Shares and Takeovers (SAST) Regulations, 2011, announcing its acquisition of a significant stake in elitecon international Limited. The disclosure reveals the fund's strategic entry into the Indian company through a substantial shareholding acquisition.

Acquisition Details

The transaction involved Minerva Ventures Fund acquiring 137088605 shares in Elitecon International Limited, representing 8.5761% of the company's total share and voting capital. The acquisition was executed through a combination of warrants issue and open market purchases, demonstrating a multi-channel approach to building the stake.

Pre and Post-Acquisition Holdings

Prior to this transaction, Minerva Ventures Fund held no shares in Elitecon International Limited. The disclosure confirms that the fund had nil holdings across all categories including shares carrying voting rights, encumbered shares, voting rights otherwise than by shares, and convertible instruments.

Following the acquisition, the fund's total holding stands at 137088605 shares, representing 8.5761% of both the total share capital and diluted share capital of the target company.

Company Structure and Compliance

Minerva Ventures Fund, headquartered at 11th Floor, Bramer House, Hotel Avenue, Ebene, Mauritius, has clarified that it does not belong to the promoter or promoter group of Elitecon International Limited. This classification positions the fund as a financial investor rather than a strategic or promoter entity.

Elitecon International Limited maintains its listing on the Bombay Stock Exchange (BSE), with the company's equity share capital and total voting capital remaining at 137088605 and 1598500000 respectively, both before and after the acquisition. The total diluted share capital also stands at the same figures post-acquisition.

Regulatory Framework

The disclosure was made in accordance with SEBI's SAST Regulations, which mandate reporting of substantial acquisitions exceeding specified thresholds. The filing includes comprehensive details of the transaction structure, shareholding patterns, and acquisition methodology, ensuring transparency in the capital market operations.

The document was executed in Mauritius on February 27, 2026, bearing the common seal of Minerva Ventures Fund and authorized signatures, completing the regulatory compliance requirements for the substantial acquisition disclosure.

Elitecon International has disclosed to stock exchanges that its manufacturing facility in Nashik, Maharashtra underwent an inspection by Food and Drug Administration officials on January 08, 2026. The inspection was conducted pursuant to a Government of Maharashtra notification dated July 20, 2025, issued under the Food Safety and Standards Act, 2006.

Inspection Details and Seizures

During the regulatory inspection at the facility located at GAT Number 353/2 Mauje Talegaon, Dindori Nashik Maharashtra, FDA officials seized certain inventories and equipment. The seizures included tobacco product inventories along with related packing and sealing machines.

Regulatory Compliance Matter

The inspection was conducted in connection with the Government of Maharashtra notification dated July 20, 2025, which covers tobacco products in the state. The alleged contravention relates to the manufacture and storage of products covered under this notification. The company has indicated that the matter is currently under review before the appropriate authorities.

Business Impact Assessment

Elitecon International has stated that its other business operations continue in the normal course. The company emphasized that there is no material impact on its overall operations or going concern status. However, the financial, operational, or other impact of this regulatory matter cannot be ascertained or quantified in monetary terms at this time.

Regulatory Disclosure

The company made this disclosure on February 27, 2026, pursuant to Regulation 30 of the Securities and Exchange Board of India Listing Obligations and Disclosure Requirements Regulations, 2015. The communication was received by the company on January 08, 2026, the same date as the inspection, through an employee of the company.