D & A Financial Services (P) Limited has Submitted to the Exchange a copy of detailed public statement to the public shareholders of the Company in terms of Regulation 15(2) read with Regulation 13(4) of the Securities and Exchange Board of India (Substantial Acquisition of Shares and Takeovers) Regulations, 2011, as amended from the time to time.
Awaiting price reaction for this filing.
Mr. Rakesh Kumar Bansal and Mr. Gaurav Goyal (related as uncle and nephew) are making an open offer to acquire up to 79,11,800 equity shares (26% of paid-up capital) of Grand Foundry Limited (GFL) at Rs. 2 per share, totaling approximately Rs. 1.58 crore. The open offer follows a Share Purchase Agreement dated 26th June 2025 with promoter Ms. Madhu Garg, who is selling her entire 70.16% stake (2,13,50,360 shares) at Rs. 1.40 per share. GFL is a Mumbai-registered company listed on NSE (GFSTEELS) and BSE (513343), with negative net worth of Rs. (563.47) lakhs and a loss of Rs. 68.06 lakhs in FY25, and is not currently carrying out main business operations. Post-offer, the acquirers will hold 96.16% of GFL, resulting in change of control and management. The tendering period is scheduled from 19th August 2025 to 2nd September 2025, with BSE as the designated stock exchange.
This is a change-of-control transaction that effectively takes GFL private by reducing public shareholding below the mandatory 25% threshold, giving acquirers 96.16% ownership. Public shareholders get a chance to exit at the offer price of Rs. 2 per share, though the offer price only marginally exceeds the negotiated price of Rs. 1.40 per share paid to the promoter and is well above the negative net worth-based valuation of Rs. 1.77 per share. Minority shareholders should note the offer is not conditional on minimum acceptance, but liquidity on exchanges is very low (annualized trading turnover under 2.5%).