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Elitecon Eyes Sunbridge Agro Deal Reversal
21 Feb
Summary
- Elitecon to consider reversing Sunbridge Agro acquisition on Feb 27.
- Resignation of Executive Director Dayanand Ray also on agenda.
- Company faces payment obligations after 2025 acquisition.
Elitecon International Ltd. will convene a crucial board meeting on February 27, 2026, to discuss the potential reversal of its acquisition of Sunbridge Agro Pvt Ltd. This significant decision follows Elitecon's acquisition of a controlling 51.65% stake in Sunbridge Agro in October 2025 for ₹128.4 crores.
The company's board will also consider the resignation tendered by Executive Director Dayanand Ray during the same meeting. Elitecon has encountered difficulties in meeting its payment obligations under the share purchase agreements associated with the Sunbridge Agro deal.
Consequently, the board is scheduled to evaluate a proposal to either reverse or settle the acquisition. This evaluation is contingent upon mutual discussions and adherence to statutory and regulatory compliance requirements. The company's stock experienced a decline following the announcement of the board meeting.
