Grand Foundry Limited has informed the Exchange regarding Outcome of Board Meeting held on April 21, 2025.
Awaiting price reaction for this filing.
The Board of Grand Foundry Limited has approved the reclassification of three individuals — Ms. Heena Ashok Mehta, Ms. Minal Kiran Jangla, and Ms. Namita Hiten Jangla — from the 'Promoter Group' category to the 'Public' category under Regulation 31A(10) of SEBI LODR Regulations. These three persons currently hold zero equity shares in the company. They had earlier sold their entire shareholding of 2,13,38,030 equity shares (70.12% of total equity capital) along with complete management control to a new promoter under SEBI Takeover Code Regulations, 2011, following an open offer. The new promoter/acquirer has already taken over the management and affairs of the company. The reclassification is a formal step to align their shareholding status (now nil) with the public category.
This is a procedural confirmation of an already completed change of control. Shareholders should note that a new promoter now holds 70.12% of the company, and governance, strategy, and management direction going forward will be driven by the incoming promoter. The stock may see sentiment shifts based on the new promoter's plans and track record.