D & A Financial Services (P) Ltd. (Manager to the Offer) has submitted to the Exchange a copy of Detailed Public Statement to the Public Shareholders of Grand Foundry Limited (Targe 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 time to time
Awaiting price reaction for this filing.
SAR Televenture Limited (a telecom infrastructure company listed on NSE Emerge) is making an open offer to acquire up to 79,11,800 equity shares (26%) of Grand Foundry Limited at Rs. 2.50 per share, totaling about Rs. 1.98 crore. This offer follows a Share Purchase Agreement (SPA) signed on March 3, 2026, under which SAR Televenture will buy 2,13,51,740 shares (70.17% of capital) from existing promoters Rakesh Kumar Bansal (14.04%) and Gaurav Goyal (56.13%) at Rs. 1.50 per share. Post-offer, the acquirer's holding will reach 96.17%, and the existing promoters will be reclassified as public shareholders. The tendering period is scheduled from April 30, 2026 to May 14, 2026.
This is a change-of-control transaction — existing promoters are exiting entirely and a new promoter (SAR Televenture) is taking over the company. Grand Foundry, which has been loss-making with negative net worth (Rs. -610.46 lakh as of Sept 2025) and near-zero revenue, recently amended its objects to enter the telecom business, aligning with the acquirer's profile. Public shareholders get a chance to exit at Rs. 2.50/share, though the stock is illiquid (annualized trading turnover under 1.2% on both exchanges).