Note: There is very little information about this company available in public sources.
IKAB Securities is into purchasing of shares of listed companies.
Mr Madhusudan Kela (veteran stock market investor) is taking over control and has become a promoter through share purchase agreement and open offer 
Share purchase agreements were at Rs 47 and open offer was at Rs 51
No shares were tendered in the open offer
Old promoters have resigned
Company name is to be changed to MK Ventures Ltd
Address of registered office is changing
Interestingly, this is the address of MK Ventures (Mr Madhusudan Kela’s family office) and Invexa Capital LLP
Disc- have a tracking position
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I failed to understand what is the special situation here. If anything, the special situation is long gone. Share price is ruling above Rs 900 level. It would have been very interesting during the open offer period.
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The right issue meeting got postponed to 20th March
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The following terms and conditions of the Rights Issue:
Total number of Rights Equity Shares and Rights Issue size: 4,27,050 Rights Equity Shares of ₹ 10 each at an issue price of ₹ 936/- aggregating up-to ₹ 39,97,18,800/-.
Issue Price: ₹ 936
Issue period:
a. Issue Opening Date: April 17, 2023
b. Issue Closing Date: April 25, 2023
Rights entitlement ratio: 1:8
Record Date: Tuesday, April 04, 2023
Sharp fall in price occurred after announcement. At Current price ₹ 1028 after dilution of 1:8 the new price will be ₹ 913 which is lower than the issue price. Promoter has 83.66% holding so he will most probably not participate in the issue. If the issue price is not changed I don’t see how it will get subscribed.
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