D & A Financial Services (P) Ltd ("Manager to the Offer") has submitted to BSE a copy of Post Offer Advertisement to the shareholders of Grand Foundry Ltd ("Target Company").
Awaiting price reaction for this filing.
D & A Financial Services, the Manager to the Offer, has submitted the Post Offer Advertisement for the open offer made by Mr. Rakesh Kumar Bansal and Mr. Gaurav Goyal to the shareholders of Grand Foundry Limited. The offer ran from November 3, 2025 to November 17, 2025 at Rs. 2.00 per share. In a dramatic shortfall, public shareholders tendered only 1,380 shares against the 79.11 lakh shares the acquirers had hoped to buy — a response rate of just 0.017%. Total consideration paid in the open offer was only Rs. 2,760, compared with the proposed Rs. 1.58 crore. Through a separate Share Purchase Agreement (not yet transferred), the acquirers already hold 2.13 crore shares (70.16%), giving them a post-offer holding of 70.17%. Public shareholding remains nearly unchanged at 29.83%.
The open offer was an almost total failure — the Rs. 2.00 price clearly did not attract public shareholders, and the acquirers achieved control almost entirely through the underlying share purchase agreement rather than via the open market route. For remaining public shareholders, there is no price-based exit at this level, and continued low liquidity or future delisting risk may persist.