South India Travels sells 1.55 million Sicagen shares, reducing its stake to 1%

What South India Travels announced

South India Travels Private Limited, a promoter‑group entity of Sicagen India Ltd, disclosed that it has sold 15,45,500 equity shares of Sicagen in an off‑market transaction. The sale was executed at the prevailing market rate on 19 June 2026 and was reported to the Bombay Stock Exchange (BSE) on 22 June 2026 under Regulation 29(2) of the SEBI (Substantial Acquisition of Shares & Takeovers) Regulations, 2011. The disposal reduces South India Travels’ shareholding in Sicagen from 4.90% to 1.00% of the total diluted share capital.

"We would like to submit that 15,45,500 equity shares of Rs. 10/- each of Sicagen India Limited has been sold by us in the off market at the prevailing market rate in the capacity of promoter group."

Details of the share disposal

• Number of shares sold: 15,45,500 equity shares (Rs 10 each).
• Percentage of total diluted share capital sold: 3.90%.
• Pre‑sale holding: 19,40,113 shares, representing 4.90% of the diluted capital.
• Post‑sale holding: 3,94,613 shares, representing 1.00% of the diluted capital.
• Total diluted share capital of Sicagen: 3,95,71,684 equity shares, aggregating to Rs 39,57,16,840.
• Mode of transaction: Off‑market sale to a promoter‑group company.
• Date of transaction: 19 June 2026.
• Date of disclosure: 22 June 2026 (filed at 10:27:34 UTC).

The filing also confirms that there were no encumbrances, pledges, or other voting‑right instruments attached to the shares sold. The share capital of Sicagen remains unchanged because the transaction involved a transfer of existing shares rather than issuance of new shares.

Regulatory framework

The disclosure is made pursuant to Regulation 29(2) of the SEBI (Substantial Acquisition of Shares & Takeovers) Regulations, 2011. This regulation requires any promoter or promoter‑group entity that acquires or disposes of shares amounting to 1% or more of the total voting capital of a listed company to inform the stock exchange within two working days of the transaction. The purpose is to ensure transparency in shareholding patterns, especially when the transaction could affect control or voting dynamics.

South India Travels, identified in the filing as a promoter‑group of Sicagen, complied with the regulation by submitting the required form to BSE’s Corporate Relationship Department. The filing includes a detailed breakdown of pre‑ and post‑transaction holdings, confirming that the company’s shareholding fell below the 5% threshold that typically triggers additional takeover‑code obligations.

Key facts at a glance

Why this matters for investors

The filing provides a clear picture of the promoter‑group’s reduced voting power in Sicagen. By moving from a 4.90% stake to a 1.00% stake, South India Travels no longer holds a material block that could influence board decisions or strategic direction on its own. However, the promoter group still retains a significant minority interest that may be aligned with other shareholders.

Because the transaction was an off‑market sale, there is no immediate impact on the company’s cash balance or capital structure. The share capital of Sicagen remains unchanged, and no new shares were issued. Consequently, existing shareholders’ proportional ownership is unaffected, apart from the shift in promoter‑group influence.

Regulatory compliance under SEBI’s takeover code ensures that the market is promptly informed of any change that crosses the 1% threshold. This transparency helps investors assess the stability of the promoter’s commitment and monitor any future share‑holding movements that could signal strategic shifts.

Conclusion

South India Travels Private Limited has disposed of 15.45 lakh Sicagen shares in an off‑market transaction, lowering its promoter‑group stake from 4.90% to 1.00% of the diluted share capital. The sale was disclosed in accordance with SEBI Regulation 29(2) on 22 June 2026 and recorded with BSE under scrip code 533014. While the promoter’s voting power has diminished, the company’s capital structure remains unchanged, and no further approvals are pending for this specific share transfer.