Grand Foundry Ltd plans to convene a board meeting on Thursday, October 1, 2026, to deliberate on proposals for raising capital through equity and preference shares. The company, which has since been renamed Tikona Communication Limited, seeks to expand its funding base via permissible modes under SEBI regulations.

Capital raise proposals on the agenda

The Board of Directors will consider the issuance of equity shares or warrants convertible into equity shares. This issuance is proposed through preferential allotment in accordance with the SEBI (Issue of Capital and Disclosure Requirements) Regulations, 2018, and the Companies Act, 2013. The proposal remains subject to receiving requisite consents and approvals.

Additionally, the agenda includes a proposal for issuing Redeemable Preference Shares (RPS) or Non-Convertible Redeemable Preference Shares (NCRPS). These instruments are slated for issuance on a private placement or preferential basis, contingent upon necessary regulatory clearances.

Trading window closure details

In compliance with the SEBI (Prohibition of Insider Trading) Regulations, 2015, and the company's internal code of conduct, the trading window for designated persons and insiders will remain closed. The closure is effective until 48 hours after the declaration of the outcome of the board meeting.

Key meeting details

The filing was submitted to BSE Limited and National Stock Exchange of India Limited as prior intimation under Regulation 29(1) read with Regulation 29(2) of the SEBI (Listing Obligations and Disclosures Requirements) Regulations, 2015. Sonia Arora Ahuja, Company Secretary and Compliance Officer, signed the notice on September 28, 2026.

Grand Foundry Ltd former promoter Rakesh Kumar Bansal has disposed of 42,70,072 equity shares, representing 14.03% of the paid-up equity share capital, in Tikona Communication Limited. The transaction was executed via an open offer and off-market sale pursuant to a Share Purchase Agreement dated March 3, 2026.

The shares were transferred to the demat account of SAR Televenture Limited on September 24, 2026. This disclosure was filed with BSE and NSE under Regulation 29(2) of the SEBI (Substantial Acquisition of Shares and Takeovers) Regulations, 2011, marking a significant shift in the company's shareholding pattern.

Transaction Details

The disposal involved the complete exit of Bansal’s substantial holding, reducing his stake from 14.04% prior to the transaction to 0.01% afterward. The remaining holding consists of just 1,380 equity shares. The total equity share capital of the company remained unchanged at ₹12.17 crore, divided into 30,430,000 equity shares of ₹4 each.

Regulatory Context

The sale was conducted as part of an Open Offer made in terms of Regulations 3(1) and 4 of the SEBI (SAST) Regulations, 2011. The mode of acquisition for the buyer was off-market, facilitated by the completion of this open offer process. The disclosure highlights that no voting rights were acquired or sold otherwise than by shares, and there were no warrants or convertible securities involved in the transaction.

What the Numbers Show

The data indicates a near-total exit by the erstwhile promoter from his significant minority position. The reduction from 14.04% to 0.01% signifies a transfer of control influence or strategic alignment with the new acquirer, SAR Televenture Limited. The residual holding of 1,380 shares is negligible relative to the total capital, effectively removing Bansal from any substantial shareholder status.