Elitecon International Ltd: Executive Director Mr. Dayanand Ray Resigns, Proposed Reversal of Sunbridge Agro Private Limited Acquisition

Elitecon International Ltd announced the resignation of its Executive Director, Mr. Dayanand Ray, with effect from February 27, 2026. The company also provided an update on the proposed reversal of the acquisition of Sunbridge Agro Private Limited ('SAPL'). The acquisition was initially intended to be funded through a Qualified Institutional Placement (QIP), but the anticipated proceeds were not received as the QIP could not be concluded successfully. The pledged shares forming part of the 44.99% stake remain encumbered and have been utilized as security in connection with the underlying credit exposure, preventing the release of pledge and implementation of the SPA. The Board has authorized the management to explore a structured and mutually agreeable resolution with the concerned counterparties, including possible restructuring or settlement of the transaction.