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.

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.