Mauritius-Based Fund Buys 8.57% Stake In This Cigarettes & Tobacco Stock; Are You Holding?

Minerva Ventures Fund has acquired a significant stake in Elitecon International Limited, according to a disclosure filed by the company on 28th February.

137,088,605 equity shares, or 8.5761% of the company's total shareholding and voting capital, were acquired by the Mauritius-based investment firm. This was a new strategic investment because the fund had no stake in Elitecon International before this deal.

As per Elitecon International, the acquisition was carried out through a combination of warrant issuance and open market purchases, indicating both primary and secondary market participation by the investor.

The transaction was completed on February 27, 2026, and following the acquisition, Minerva Ventures Fund's total holding stands at 8.5761% of the company's equity capital.

The declaration also made it clear that Minerva Ventures Fund is not associated with Elitecon International Limited's promoter or promoter group, indicating that the investment is solely strategic or financial in nature. Following the transaction, Elitecon International Limited's entire equity share capital remained at around 1.5985 billion shares.

Meanwhile, Elitecon International has informed the stock exchanges about key developments following its Board meeting held on February 27, 2026. The Board took note of the resignation of Executive Director Dayanand Ray, who stepped down from his position with immediate effect from the same date.

The Board also discussed the company's proposal for acquiring the controlling stake in Sunbridge Agro Private Limited (SAPL), which was initially intended as part of the acquisition strategy. Elitecon had previously used its internal funds to purchase a 31.25% equity holding and had completed share purchase agreements in September 2025. However, budgetary constraints created difficulties for the remaining part of the deal. There was a lack of forecasted funds since the firm was unable to execute the Qualified Institutional Placement (QIP) that was intended to fund a portion of the acquisition.

The proposed acquisition of an additional 44.99% stake in Sunbridge Agro creates another significant obstacle. As part of previous financing agreements, these shares are still pledged with SBICAP Securities Limited; the promise has not yet been made public. This part of the deal could not be completed since the release of the pledge was a crucial need for the transfer of shares. The acquisition procedure is therefore left unfinished.

Elitecon International has already made a sizable investment in Sunbridge Agro, including an injection of funds to meet its operational needs, in spite of these difficulties. The Board stated that the ongoing encumbrance on pledged shares and funding delays had contributed to the current state of circumstances. The FMCG corporation has given its management permission to investigate a systematic and mutually agreeable solution with all parties involved in order to settle the issue.

"The Board clarified that no final binding decision has been taken at this stage regarding reversal or cancellation of the acquisition and the matter remains subject to ongoing discussions and execution of definitive documentation, if any. Any material development in this regard shall be disclosed to the Stock Exchanges in accordance with applicable regulatory requirements," Elitecon International said in a statement.

As of the market closing on February 27, 2026, Elitecon International Ltd.'s (ELITECON) share price was Rs 58.19, with a market capitalization of Rs 9,302 crore. Over the past year, Elitecon International has seen a great deal of instability. The stock's recent trend has changed, despite its remarkable 155% gain over the previous 12 months, which saw it rise from a low of Rs 22.74 to a high of Rs 402.55. The share price has dropped 43.20% so far this year, indicating a significant decline from its peak.

Elitecon International Ltd.'s (ELITECON) 52-week range as of March 1, 2026, demonstrates tremendous volatility. The stock is now trading well below its yearly peak, having hit a 52-week high of Rs 422.65 on August 25, 2025, and a 52-week low of Rs 21.86 on February 27, 2025. This indicates that the stock has sharply decreased by around 86.23% from its 52-week high and jumped by about 166.3% from its 52-week low at its current market price.

Technically speaking, the stock is now trading in a negative trend, resting far below its key moving averages, according to ICICI Direct, Dhan, and Share.market. With a price of Rs 58.19, it is well below its 50-day and 200-day DMAs of Rs 80.68 and Rs 130.55, respectively, indicating persistent downward pressure. Meanwhile, the stock's Relative Strength Index (RSI) of 32.58 suggests it is getting close to oversold territory after its sharp decline.