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 total paid-up equity share capital. The offer price is set at Rs. 2.50 per fully paid equity share of face value Rs. 4.00 each, payable in cash.

Offer Structure and Timeline

The open offer is being made pursuant to Regulations 3(1) and 4 of SEBI (Substantial Acquisition of Shares & Takeovers) Regulations, 2011. The offer is unconditional and not subject to any minimum level of acceptance from shareholders.

Share Purchase Agreement Details

The open offer follows a share purchase agreement dated March 3, 2026, between SAR Televenture Limited and the existing promoters of Grand Foundry Limited. Under this agreement, SAR Televenture will acquire 2,13,51,740 equity shares representing 70.17% of the total issued and paid-up equity capital.

Company Profiles

SAR Televenture Limited was incorporated on May 24, 2019, and is engaged in providing telecom infrastructure and technology solutions. The company focuses on tower infrastructure development, FTTH network deployment, and smart technology systems implementation. SAR Televenture's equity shares are listed on the Emerge platform of NSE with scrip code SARTELE.

Grand Foundry Limited was originally incorporated as a private limited company on March 30, 1973, and later converted to a public limited company in 1992. The company's shares are listed on both NSE (Symbol: GFSTEELS) and BSE (Scrip Code: 513343).

Financial Arrangements

SAR Televenture has made adequate financial arrangements for the offer, with CA Jatin Raheja certifying the company's net worth at Rs. 80,017.96 lakhs as of September 30, 2025. The acquirer has deposited Rs. 50,00,000 in an escrow account with Axis Bank Limited, representing more than 25% of the total consideration payable.

Post-Offer Shareholding Pattern

Assuming full acceptance of the open offer, SAR Televenture's total shareholding in Grand Foundry Limited will reach 96.17%, while public shareholding will reduce to 3.83%. This will result in public shareholding falling below the minimum 25% requirement for continuous listing, which the acquirer has undertaken to address within stipulated timelines.

Key Dates and Regulatory Compliance

The offer schedule includes publication of the detailed public statement on March 10, 2026, with the identified date set as April 16, 2026. The committee of independent directors of Grand Foundry Limited will provide their recommendations by April 28, 2026. BSE has been designated as the stock exchange for tendering shares, with settlement to be conducted through the stock exchange mechanism as per SEBI regulations.