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.
SAR Televenture Limited is making a mandatory open offer to buy up to 79,11,800 shares (26% of the equity) of Grand Foundry Ltd at Rs. 2.50 per share in cash. This follows a Share Purchase Agreement signed on 3rd March 2026, under which SAR Televenture will buy 2,13,51,740 shares (70.17% stake) from the existing promoters Rakesh Kumar Bansal and Gaurav Goyal at Rs. 1.50 per share, totaling about Rs. 3.20 crore. The open offer is scheduled to run from 9th June 2026 to 22nd June 2026, and the deal will result in a complete change in control and management of Grand Foundry. SAR Televenture is a telecom infrastructure company (FTTH, towers, broadband) and plans to use Grand Foundry to enter the broadband business. As of March 2026, Grand Foundry had 3,04,30,000 shares outstanding with a face value of Rs. 4 each.
Public shareholders of Grand Foundry can tender their shares at Rs. 2.50 each during the offer window if they wish to exit. The Rs. 1.50 negotiated price for the promoter sale is lower than the Rs. 2.50 open offer price, which is the minimum required by SEBI rules. Shareholders should wait for the independent directors' recommendation and weigh the offer price against market price before deciding. The change of control to a telecom company signals a likely pivot in Grand Foundry's business direction.