Minerva Ventures Fund stake in Elitecon prompts board updates on Sunbridge Agro acquisition

Minerva Ventures Fund bought 137,088,605 equity shares in Elitecon International Limited, a filing dated 28th February showed. The purchase equals 8.5761% of Elitecon’s shareholding and voting capital. The Mauritius-based investor held no Elitecon stake before this transaction. The deal closed on February 27, 2026, taking Minerva’s holding to 8.5761%.

Elitecon said the stake build-up used warrant issuance and open market buying. This points to participation in both primary and secondary markets. The disclosure also stated Minerva Ventures Fund is not linked to Elitecon’s promoter or promoter group. After the transaction, Elitecon’s equity share capital stayed near 1.5985 billion shares.

Elitecon International Ltd. closed at Rs 58.19 on February 27, 2026. The company’s market capitalisation was Rs 9,302 crore at that close. Over the past 12 months, the stock rose 155%. It moved between Rs 22.74 and Rs 402.55 in that period. So far this year, the share price is down 43.20%.

The 52-week range up to March 1, 2026 also showed sharp swings. Elitecon hit a 52-week high of Rs 422.65 on August 25, 2025. It touched a 52-week low of Rs 21.86 on February 27, 2025. At Rs 58.19, the stock is about 86.23% below the high. It is about 166.3% above the low.

ICICI Direct, Dhan, and Share.market data placed the stock in a negative trend. Elitecon traded far below key moving averages at the same price. The 50-day DMA stood at Rs 80.68. The 200-day DMA was Rs 130.55. The Relative Strength Index was 32.58, nearing oversold levels after the fall.

Metric	Value
Close (Feb 27, 2026)	Rs 58.19
Market capitalisation	Rs 9,302 crore
50-day DMA	Rs 80.68
200-day DMA	Rs 130.55
RSI	32.58
52-week high (Aug 25, 2025)	Rs 422.65
52-week low (Feb 27, 2025)	Rs 21.86

Elitecon International and Sunbridge Agro: Board updates after Minerva Ventures Fund stake

Elitecon also updated exchanges after its Board meeting on February 27, 2026. The Board recorded the resignation of Executive Director Dayanand Ray. The resignation took effect immediately on the same date. The Board also reviewed the plan to buy a controlling stake in Sunbridge Agro Private Limited (SAPL). The proposal had been part of Elitecon’s acquisition strategy.

Elitecon earlier used internal funds to buy 31.25% equity in SAPL. It also executed share purchase agreements in September 2025. The Board noted budget limits for the remaining purchase. Elitecon could not complete a planned Qualified Institutional Placement (QIP). That QIP was meant to fund part of the acquisition. This reduced the expected funds for the next steps.

An additional 44.99% SAPL stake also faced a separate hurdle. Under earlier finance arrangements, those shares remained pledged with SBICAP Securities Limited. The pledge release was required for share transfer. Because the encumbrance remained, this portion could not close. Elitecon said it had already injected funds into SAPL for operating needs. Management received approval to seek an agreed solution.

"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.

The disclosures placed focus on two tracks for finance readers. One was Minerva Ventures Fund entering Elitecon via warrants and market buys. The other was Elitecon’s unresolved SAPL acquisition, affected by funding delays and pledged shares. Elitecon’s stock data showed steep volatility and a weak technical setup at Rs 58.19. Further updates were tied to regulatory disclosures.