D & A Financial Services (P) Ltd ("Manager to the Offer") has submitted to BSE a copy of Letter of Offer for the attention of the Equity Shareholders of Grand Foundry Ltd ("Target Company").
Awaiting price reaction for this filing.
Mr. Rakesh Kumar Bansal and Mr. Gaurav Goyal (uncle and nephew, both from the steel sector) have made an open offer to buy up to 79,11,800 equity shares (26%) of Grand Foundry Ltd at Rs. 2 per share, totaling about Rs. 1.58 crore. This open offer is triggered by their Share Purchase Agreement with promoter Ms. Madhu Garg to acquire her entire 70.16% stake at Rs. 1.40 per share, which will result in a complete change in control of GFL. The offer opens on November 3, 2025 and closes on November 17, 2025. Grand Foundry is a struggling company with negative book value of Rs. -1.85 per share, consecutive losses for the past three years, and no current manufacturing operations. The shares are infrequently traded on BSE and NSE. The acquirers have combined net worth of over Rs. 90 crore and have deposited Rs. 40 lakh in escrow.
Public shareholders now have an opportunity to exit the company at Rs. 2 per share, though this is well below the Rs. 8.85 volume-weighted market price referenced in the valuation. The offer is not subject to any minimum acceptance condition, and the acquirers do not intend to delist the company. However, since the acquirers' combined holding (including SPA shares) would reach 96.16%, public shareholding may fall below the mandatory 25% threshold, meaning the acquirers may need to reduce their stake post-offer.