Mauritius FII Buys Stake in Elitecon International Amid Acquisition Reversal and Regulatory Issues

Mauritius-based Minerva Ventures acquired an 8.58% stake in Elitecon International, a tobacco products manufacturer whose shares have surged over 4,000% in five years. Recently, the company reported strong half-yearly sales and profit growth but faced inventory seizures related to regulatory issues. Additionally, Elitecon reversed its proposed acquisition of Sunbridge Agro due to funding shortfalls and pledged share complications, impacting its recent stock performance.