SAR Televenture Limited's Board of Directors, at its meeting held on May 6, 2026, approved the issuance and allotment of 2,50,000 equity shares pursuant to the conversion of 2,50,000 warrants to a member of the promoter group on a preferential basis. The allotment was made after receipt of the balance amount of 75% against each warrant towards full and final subscription amount for conversion into equity shares. The board meeting commenced at 2:00 PM and concluded at 2:15 PM.

Allotment Details

The equity shares have been allotted to Mr. Sanidhya Garg, belonging to the promoter group, as detailed below:

Impact on Share Capital

Following the allotment, the company's issued and paid-up equity share capital has been revised as outlined below:

Rights of Allotted Shares

The equity shares allotted pursuant to the conversion of warrants shall rank pari-passu in all respects with the existing equity shares of the company. This includes equal entitlement to dividends and other corporate benefits, if any, declared by the company after the date of allotment.

The disclosure has been made in compliance with Regulation 30 of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015. The relevant details have also been uploaded on the company's website at www.sarteleventure.com . The filing was signed by Mayank Jain, Company Secretary and Compliance Officer.

SAR Televenture Limited has announced a mandatory open offer to acquire up to 79,11,800 equity shares of Grand Foundry Limited, representing 26% of the target company's paid-up share capital. The offer is priced at ₹2.50 per equity share, aggregating to a total consideration of ₹1,97,79,500.

Open Offer Details

The open offer is being made under the Securities and Exchange Board of India (Substantial Acquisition of Shares and Takeovers) Regulations, 2011, following the execution of a share purchase agreement dated March 03, 2026. D & A Financial Services (P) Limited is serving as the manager to the offer.

Acquirer Profile

SAR Televenture Limited, incorporated on May 24, 2019, operates in the telecom infrastructure and technology solutions sector in India. The company focuses on tower infrastructure development, FTTH network deployment, and smart technology systems implementation. The acquirer's shares are listed on the NSE Emerge platform under the scrip code SARTELE.

Target Company Background

Grand Foundry Limited was originally incorporated on March 30, 1973, and converted to a public limited company in January 1992. The company's shares are listed on both NSE (GFSTELLS) and BSE (513343). Originally engaged in manufacturing band saw machines and engineering goods, the target company recently amended its main objects clause in February 2026 to include telecom and communication equipment business.

Share Purchase Agreement

Pursuant to the share purchase agreement, SAR Televenture will acquire 2,13,51,740 equity shares from existing promoters Mr. Rakesh Kumar Bansal and Mr. Gaurav Goyal at ₹1.50 per share, representing approximately 70.17% of the target company's total paid-up equity share capital. Both sellers will exit completely after the transaction closure.

Offer Price Justification

The offer price of ₹2.50 per share has been determined as the highest among various valuation parameters under SEBI regulations:

Financial Arrangements

The acquisition will be financed through internal resources without any borrowings from banks or financial institutions. SAR Televenture has deposited ₹50,00,000 in an escrow account with Axis Bank, representing more than 25% of the total consideration as required under SEBI regulations. The company's chartered accountant has certified adequate financial capability to meet the offer obligations.

Regulatory Compliance

The offer is subject to standard regulatory approvals and compliance with SEBI (SAST) Regulations. The acquisition will result in public shareholding falling below the minimum 25% requirement, which the acquirer has committed to address through permitted routes within specified timeframes. Upon completion, SAR Televenture will be classified as the promoter of Grand Foundry Limited, while existing promoters will be reclassified as public shareholders.