D & A Financial Services (P) Ltd ("Manager to the Offer") has submitted to BSE a copy of Draft Letter of Offer to the Public Shareholders of Grand Foundry Ltd ("Targe Company").
Awaiting price reaction for this filing.
SAR Televenture Limited has filed a Draft Letter of Offer to acquire up to 79,11,800 equity shares (26%) of Grand Foundry Ltd from public shareholders at Rs. 2.50 per share in cash. The open offer follows a Share Purchase Agreement where the acquirer will buy 2,13,51,740 shares (70.17%) from existing promoters Rakesh Kumar Bansal and Gaurav Goyal at Rs. 1.50 per share, leading to a complete change in control and management of the target company. The offer period runs from April 30, 2026 to May 14, 2026, pursuant to SEBI (SAST) Regulations 3(1) and 4. Grand Foundry is a loss-making company with nil revenue from operations in FY24 and FY25 and negative net worth of around Rs. 610 lakhs. Post-offer, the acquirer will hold about 96% of the company, reducing public shareholding below the 25% minimum required for continuous listing.
Public shareholders of Grand Foundry can tender their shares at Rs. 2.50 per share during the open offer window. The acquisition will result in a complete change of control of the loss-making target company, with the new acquirer (a telecom infrastructure firm) likely to reshape its business direction.