Grand Foundry board approved the acquisition of a 62.01% stake in Tikona Infinet Private Limited for an aggregate consideration of ₹99.22 crore. The move expands the company’s footprint in the telecom and digital connectivity sector.

The Board of Directors sanctioned the deal during a meeting held on September 17, 2026. The transaction involves purchasing equity shares from existing shareholders of the target company, which provides wireless broadband services for home and enterprise customers.

Deal Structure and Consideration

Tikona Communication Limited, formerly known as Grand Foundry Limited, will discharge the consideration through the issuance of Non-Convertible Debentures (NCDs) and a cash payment. The aggregate value of the secured NCDs is ₹99.19 crore, with the balance paid in cash. This payment secures 1,27,89,817 equity shares, representing the controlling stake in the target entity.

The acquisition is not classified as a related-party transaction. Promoters and group companies of the listed entity hold no interest in Tikona Infinet. The deal is subject to the fulfillment of terms outlined in the Securities Purchase Agreement (SPA).

Payment Breakdown

NCD Details

The proposed issuance includes unlisted, secured, redeemable non-convertible debentures with a face value of ₹1,00,000 each. The instruments are secured by way of mortgage/charge/pledge over the assets of SAR Televenture Limited.

Target Company Profile

Tikona Infinet Private Limited operates in the telecom industry, offering MPLS/VPN services, dedicated leased lines, and broadband connectivity. Established in 2008 by Prakash Bajpai, the firm serves corporate and SME clients across banking, IT, healthcare, and manufacturing sectors.

The target has a presence in major Tier-1 cities across India. Its revenue trajectory shows recent growth:

Strategic Impact

The acquisition aligns with Grand Foundry’s strategy to enhance its service portfolio and market presence. Expected outcomes include operational synergies, improved efficiency, and cost optimization. The company aims to strengthen its competitive position in the connectivity sector.

Regulatory approvals are not currently envisaged beyond standard legal consents required under applicable laws. The acquisition is expected to close by March 31, 2027, contingent upon SPA conditions.

Grand Foundry Limited has scheduled a Board of Directors meeting for September 17, 2026, to consider the issuance of Non-Convertible Debentures (NCDs) and potential equity fundraising. The company, formerly known as Grand Foundry Limited, now operates under the name Tikona Communication Limited.

The primary agenda item involves approving the proposal to issue NCDs on a private placement basis. The proceeds from this debt issuance are earmarked primarily for the acquisition of shares in M/s Tikona Infinet Private Limited. The purchase is from existing shareholders of Tikona Infinet, including Mr. Prakash Chandra Bajpai, Mr. Tarun Kumar, Mr. Sridhar Krishnamoorthy Iyer, and Krti Technologies Private Limited.

Fundraising and Regulatory Compliance

In addition to the NCD issuance, the board will consider fund-raising activities through the issuance of equity shares or warrants convertible into equity shares. These instruments may be issued through permissible modes, including preferential allotment, subject to receipt of requisite consents and approvals as per the SEBI (Issue of Capital and Disclosure Requirements) Regulations, 2018, and the Companies Act, 2013.

The meeting is being convened pursuant to Regulation 29(1) read with Regulation 29(2) of the SEBI (Listing Obligations and Disclosures Requirements) Regulations, 2015. This prior intimation serves to inform stakeholders of the scheduled corporate actions before their formal approval.

Trading Window Closure

In compliance with the SEBI (Prohibition of Insider Trading) Regulations, 2015, and the company’s Code of Conduct on prohibition of insider trading, the trading window for designated persons and insiders remains closed. The restriction will remain in effect until 48 hours after the declaration of the outcome of the board meeting.

Sonia Arora, Company Secretary and Compliance Officer, confirmed the intimation on September 12, 2026.