D & A Financial Services (P) Ltd ("Manager to the Offer") has submitted to BSE a copy of Corrigendum to the Detailed Public statement for the attention of the Equity Shareholders of Grand ....
Awaiting price reaction for this filing.
D & A Financial Services, the manager to the open offer, has filed a corrigendum to the Detailed Public Statement for the proposed acquisition of Grand Foundry Ltd by Mr. Rakesh Kumar Bansal and Mr. Gaurav Goyal under SEBI Takeover Regulations. The open offer timeline has been pushed back by roughly 2.5 months, with the tendering period now scheduled from November 3, 2025 to November 17, 2025 (originally August 19 to September 2, 2025). The corrigendum also refreshes the target company's financial picture, which is weak: total income has collapsed from Rs 10.29 lakhs in FY23 to just Rs 2.05 lakhs in FY25, with nil income in Q1FY26, and the company has posted losses every year, taking net worth deep into negative territory at Rs (578.16) lakhs as of June 30, 2025. The acquirers' net worth has been certified at Rs 5,934.97 lakhs (Bansal) and Rs 3,100.45 lakhs (Goyal), with both confirmed to have sufficient liquid funds for the offer.
For shareholders, the open offer window is now expected around early-to-mid November 2025 instead of the original September timeline, so they need to track the revised dates. The deeply negative net worth and persistent losses signal significant financial stress at the target company, which may be why acquirers are moving in, but it also means the stock likely trades as a low-value, low-liquidity name where the offer price and tendering decision will be the key event to watch.