International Conveyors Limited (ICL) has announced a significant change in its promoter group, following a disclosure made under Regulation 30 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. On February 28, 2025, Elpro International Limited, a designated person and Promoter Acquirer Category (PAC) of the company, acquired 31,199 shares, representing 0.05% of the company’s equity share capital. This acquisition was made through the open market.

Impact on the Promoter Group's Stake

As a result of this acquisition, Elpro International Limited will officially become part of the promoter group of International Conveyors Limited, and the total promoter group holding will rise from 68.60% to 68.65%. This increase, although relatively small, marks a significant shift in the ownership structure of the company and aligns with regulatory requirements for shareholding disclosures under SEBI regulations.

The SEBI (Substantial Acquisition of Shares and Takeovers) Regulations, 2011 require timely notifications when a promoter group changes or acquires significant equity in the company. This acquisition falls under the disclosure norms set by the SEBI (Prohibition of Insider Trading) Regulations, 2011, emphasizing transparency and compliance with corporate governance standards.

Compliance with SEBI Regulations

International Conveyors Limited has indicated that the necessary disclosures as per Regulation 29(2) of the SEBI (Substantial Acquisition of Shares and Takeovers) Regulations, 2011, and Regulation 7(2) of the SEBI (Prohibition of Insider Trading) Regulations, 2011, will be submitted in due course. These regulations ensure that the market and investors are kept informed about changes in the ownership and control of listed companies, especially those that might influence the stock price or corporate strategies.

As part of the disclosure process, the company has already communicated the details of this change to both the National Stock Exchange of India Ltd. (NSE) and the Bombay Stock Exchange Ltd. (BSE), with the respective Scrip Code 509709 and Symbol INTLCONV. These exchanges, in turn, have been asked to update their records to reflect the increase in the promoter group’s shareholding.

Strategic Implications for International Conveyors Limited

The addition of Elpro International Limited to the promoter group of International Conveyors Limited could have broader implications for the company’s corporate governance and stock market perception. With the promoter group’s stake now totaling 68.65%, International Conveyors will likely continue to maintain a strong level of control over the company, which could help in the implementation of long-term strategies and business expansion plans.

Promoter group changes also serve as an indicator of confidence in a company’s future prospects. As the promoters of International Conveyors are increasing their stake, it reflects their commitment to the company and could positively influence investor sentiment. The increase in the promoter group’s stake may also be viewed as a sign of stability, potentially making the company more attractive to investors who are looking for consistent leadership and decision-making.

Ongoing Commitment to SEBI Compliance

International Conveyors Limited has reaffirmed its commitment to regulatory compliance and transparency in all its financial and corporate dealings. The company’s prompt action to inform both the stock exchanges and its stakeholders about the acquisition demonstrates its adherence to SEBI regulations and its willingness to maintain high standards of corporate governance.

Future Disclosures and Developments

International Conveyors will continue to provide updates as required by the SEBI regulations. The company will submit the full details of this acquisition, including the disclosures under Regulation 29(2) of the SEBI (Substantial Acquisition of Shares and Takeovers) Regulations, and any additional information that may become relevant in the future. As always, the company will ensure that any changes in the ownership structure or management control are disclosed promptly, ensuring that investors and stakeholders are well-informed about key developments.

In conclusion, the change in the promoter group and the increase in shareholding by Elpro International Limited marks an important milestone for International Conveyors Limited. The company’s strong commitment to adhering to SEBI’s listing regulations and maintaining transparency strengthens its position in the market and demonstrates its dedication to building long-term value for its investors. As the company moves forward, these changes may play a pivotal role in shaping the future direction and growth of International Conveyors Limited in the competitive business landscape.

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