Grand Foundry Limited has reconstituted its Board of Directors and Key Managerial Personnel following the acquisition of control and management by SAR Televenture Limited. The Board approved the appointment of Mr. Deepak Chaudhary as Managing Director and Mr. Vikas Tandon as Whole-time Director for a period of five years effective July 9, 2026, subject to shareholder approval. The decisions were taken during a Board meeting held on July 9, 2026, pursuant to Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.

New Appointments

Based on the recommendation of the Nomination and Remuneration Committee, the Board appointed Mr. Deepak Chaudhary (DIN: 08215601) as an Additional Director designated as Executive Director and Managing Director. Mr. Chaudhary brings over 25 years of experience in the telecom infrastructure industry. The Board also appointed Mr. Vikas Tandon (DIN: 08001501) as an Additional Director designated as Whole-time Director. Mr. Tandon is a Chartered Accountant and currently serves as the Whole-time Director and Chief Financial Officer of SAR Televenture Limited.

The Board further approved the appointment of Mr. Paramjit Singh as a Non-Executive Non-Independent Director and Mr. Arun Goel as a Non-Executive Independent Director for a term of five years. Mr. Kamal Garg was appointed as the Chief Financial Officer and Key Managerial Personnel effective July 9, 2026.

Resignations and Change in Control

Consequent to the acquisition of control by SAR Televenture Limited, the Board noted the resignations of several directors and the Chief Financial Officer. Mr. Gaurav Goyal resigned as Managing Director, Mr. Rakesh Kumar Bansal as Whole-time Director, and Mr. Saurabh Goyal as Non-Executive Director, effective from the close of business hours on July 9, 2026.

Ms. Aishwarya Singhvi resigned as Non-Executive Independent Director to ensure compliance with the provisions of the Companies Act, 2013, and SEBI Listing Regulations regarding the independence of directors. Mr. Nitin Gupta also resigned as Chief Financial Officer. All outgoing officials confirmed there were no material reasons for their resignations other than those stated in their resignation letters.

Key Managerial Personnel and Operational Changes

The Board revised the list of authorised persons for determining materiality and making disclosures to stock exchanges. The updated list includes Mr. Deepak Chaudhary, Mr. Vikas Tandon, Ms. Sonia Arora, and Mr. Kamal Garg. Additionally, the Board approved changing the place of keeping the books of account and other relevant papers from New Delhi to Noida, Uttar Pradesh, effective July 9, 2026.

SAR Televenture Limited has acquired a 70.17% majority stake in Grand Foundry Limited at an offer price of ₹2.50 per share. The acquisition was executed pursuant to the Securities and Exchange Board of India (Substantial Acquisition of Shares and Takeovers) Regulations, 2011. The open offer for the remaining shares saw minimal participation, with only 910 shares accepted against the proposed 79,11,800 shares.

The transaction involved the acquisition of 2,13,51,740 shares via a share purchase agreement. Although the Detailed Public Statement was published on March 10, 2026, the equity shares under the agreement had not yet been transferred to the acquirer's name at the time of the post-offer announcement. The offer period opened on June 9, 2026, and closed on June 22, 2026, with the last date for payment of consideration set for July 7, 2026.

D & A Financial Services (P) Limited acted as the manager to the offer, while Beetal Financial & Computer Services (P) Ltd. served as the registrar. The post-offer advertisement was published on July 8, 2026, in compliance with Regulation 18(12) of the SEBI (SAST) Regulations, 2011.

The following table details the proposed and actual outcomes of the acquisition:

Following the completion of the offer process, SAR Televenture Limited holds 2,13,52,650 shares, representing 70.17% of the paid-up share capital of Grand Foundry Limited. The public shareholding consequently stands at 90,77,350 shares, or 29.83% of the total equity. The acquirer has accepted full responsibility for the information contained in the post-offer advertisement and for fulfilling obligations under the SEBI regulations.