D &A Financial Services ( P ) Ltd has submitted to the Exchange a copy of public Announcement under Regulation 3(1) and 4, read with Regulation 15(1) of the securities and exchange Board of India ( SAST) Regulations, 2011 as amended.
Awaiting price reaction for this filing.
Mr. Rakesh Kumar Bansal and Mr. Gaurav Goyal (the Acquirers) have signed a Share Purchase Agreement on 26th June 2025 to buy 2,13,50,360 equity shares (70.16% of paid-up capital) from existing promoter Ms. Madhu Garg for Rs. 2.99 crores. As a result, they have triggered a mandatory open offer under SEBI Takeover Regulations to buy an additional 26% stake (up to 79,11,800 shares) from public shareholders at Rs. 2 per share, payable in cash. The Acquirers currently hold zero shares in the company and will own 70.16% post-transaction. The Detailed Public Statement will be published by 3rd July 2025. D & A Financial Services is managing the offer. The open offer is not conditional on any minimum level of acceptance.
This is a change-of-control event for Grand Foundry Limited. Public shareholders can tender shares at Rs. 2 per share, which is below the face value of Rs. 4, indicating the acquirers obtained the controlling block at a steep discount, which may pressure the stock price and limit upside for retail holders who do not tender.