D & A Financial Services (P) Ltd. ("Manager to the Offer") has submitted to BSE a copy of Detailed Public Statement to the Public Shareholders of Grand Foundry Ltd ("Targe Company") in ....
Awaiting price reaction for this filing.
SAR Televenture Limited, a telecom infrastructure company, has triggered a mandatory open offer to acquire up to 79,11,800 equity shares (26% of paid-up capital) of Grand Foundry Ltd at Rs. 2.50 per share, totalling about Rs. 1.98 crore. This follows a Share Purchase Agreement (SPA) signed on March 3, 2026 with existing promoters Rakesh Kumar Bansal and Gaurav Goyal to purchase 2,13,51,740 shares (70.17%) at Rs. 1.50 per share. Post-offer, the acquirer's holding will rise to 96.17%, resulting in change of control and management of Grand Foundry. Grand Foundry, originally in the steel and bandsaw machine business, recently amended its objects clause to enter telecom equipment and infrastructure business. Grand Foundry's financials show consistent losses and negative net worth of Rs. 6.10 crore (as of Sept 2025). The tendering period is scheduled from April 30 to May 14, 2026.
Existing public shareholders can tender their shares at Rs. 2.50 per share until May 14, 2026. With control shifting to a telecom company and acquirer's holding potentially exceeding 96%, the stock may face reduced liquidity and could eventually face delisting pressure.