Elitecon International's Board has approved a strategic move to acquire Ashicore International Private Limited, an FMCG company, for up to Rs 350 Cr, securing 100% ownership.

This acquisition aims to boost the company's footprint in the consumer goods sector.

To help fund this, Elitecon plans a Qualified Institutions Placement (QIP) to raise up to Rs 300 Cr, pending shareholder approval.

Additionally, the board appointed two independent directors, Mr. Susanta Kumar Panda and Mr. Venkata Ramesh Penumaka, and approved shifting the registered office to Maharashtra.

An Extra Ordinary General Meeting is scheduled for August 29 to seek member approval for these key decisions.