Grand Foundry Ltd board has approved a capital raise plan involving equity shares, convertible warrants, and preference shares totaling approximately ₹360 crore. The company also cleared the acquisition of a 90.82% stake in Fusionnet Web Services Limited through the issuance of redeemable preference shares.

Preferential allotment of equity and warrants

The Board approved the issuance of up to 1,04,00,000 equity shares at ₹10 per share to non-promoter entities, aggregating to ₹10.40 crore. Additionally, it approved the issuance of up to 8,84,50,000 convertible warrants at ₹10 per warrant to promoters and non-promoters, aggregating to ₹88.45 crore. These instruments are proposed under Chapter V of the SEBI (Issue of Capital and Disclosure Requirements) Regulations, 2018.

Key meeting details

Acquisition of Fusionnet Web Services

The Board approved the acquisition of 1,28,09,761 equity shares, representing 90.82% of the paid-up capital of Fusionnet Web Services Limited (FWSL), from SAR Televenture Limited. The aggregate consideration is ₹256.84 crore, to be discharged via the issuance of 3.20% Redeemable Cumulative Non-Convertible Preference Shares (RNCPS) to SAR Televenture.

The RNCPS will have a face value of ₹10 each, issued at a price of ₹30 per share, comprising a premium of ₹20. These shares are redeemable after 10 years at a premium of 200% of the face value. Upon completion, FWSL will become a direct subsidiary of Grand Foundry.

Increase in authorised share capital

The company plans to increase its authorised share capital from ₹30.10 crore to ₹138 crore. This increase comprises raising the authorised equity share capital from ₹30 crore to ₹52 crore (13 crore equity shares of ₹4 each) and the authorised preference share capital from ₹10 lakh to ₹86 crore (8.6 crore preference shares of ₹10 each). This expansion is intended to facilitate the proposed securities issuances and future fund-raising requirements.

Related party transactions approval

Shareholders will vote on material related party transactions with SAR Televenture Limited, Parametrique Electronic Solutions Private Limited, and Fusionnet Web Services Limited. The proposed operational transactions with SAR Televenture are capped at ₹500 crore, while financial assistance limits extend up to ₹3,000 crore outstanding at any point. Similar caps of ₹500 crore apply to operational transactions with the other two entities.

EGM and voting details

An Extra-Ordinary General Meeting (EGM) is scheduled for Wednesday, October 28, 2026, via video conferencing to seek shareholder approval for these transactions. The cut-off date for determining eligibility for remote e-voting is fixed as October 21, 2026. Remote e-voting commences on October 25, 2026, and ends on October 27, 2026.

What the Numbers Show

The combined value of the approved securities issuance stands at approximately ₹355.69 crore (₹10.40 crore equity + ₹88.45 crore warrants + ₹256.84 crore RNCPS). Notably, the acquisition of FWSL accounts for roughly 72% of this total capital deployment. The transaction structure indicates a strategic consolidation within the SAR group, as FWSL will remain a step-down subsidiary of SAR Televenture while becoming a direct subsidiary of Grand Foundry, facilitating internal restructuring without immediate cash outflow.

Grand Foundry Ltd , now known as Tikona Communication Limited, saw its erstwhile promoter Gaurav Goyal dispose of 56.13% of the company's paid-up equity share capital. The transaction involved the sale of 1,70,80,288 equity shares pursuant to a Share Purchase Agreement dated March 3, 2026.

The disposal was executed through an open offer in compliance with Regulations 3(1) and 4 of the SEBI (Substantial Acquisition of Shares and Takeovers) Regulations, 2011. The shares were transferred to SAR Televenture Limited on September 28, 2026, marking the completion of the acquisition process.

Transaction Details

The disclosure filed with BSE and NSE confirms that Gaurav Goyal held the entire 56.13% stake prior to the sale. Following the transfer, his holding in the company stands at nil. The equity share capital of the target company remains unchanged at ₹12.17 crore, divided into 3,04,30,000 equity shares of ₹4 each.

Regulatory Compliance

The transaction was conducted under Regulation 29(2) of the SEBI (SAST) Regulations, 2011. The seller confirmed that no voting rights were held otherwise than by shares, and there were no encumbered shares or convertible securities involved in the disposal. The total diluted share capital also remained constant post-transaction, indicating no dilution from warrants or other instruments.

What the Numbers Show

The complete exit of the erstwhile promoter through a single block sale suggests a definitive change in control rather than a gradual reduction in stake. With Gaurav Goyal’s holding dropping from 56.13% to nil, SAR Televenture Limited has consolidated significant influence over the entity, which has recently undergone a name change to Tikona Communication Limited.