Tikona Communication Limited has disclosed the reclassification of its erstwhile promoters, Rakesh Kumar Bansal and Gaurav Goyal, to the "Non-Promoter/Public" category. This move follows their complete exit from the company's shareholding structure after Sar Televenture Limited acquired a 70.17% stake.

The disclosure was made under Regulation 31A(10) of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. The reclassification request stems from the completion of the mandatory Open Offer and off-market transfers pursuant to a Share Purchase Agreement dated March 3, 2026. As of September 29, 2026, both individuals hold Nil equity shares in the company.

Promoter Exit and Share Transfer Details

Prior to these transactions, Mr. Bansal held 42,71,452 equity shares (14.04%) and Mr. Goyal held 1,70,80,288 equity shares (56.13%). Both have transferred their entire holdings to Sar Televenture Limited through off-market transfers completed between September 24 and September 28, 2026.

The company confirmed that neither individual exercises direct or indirect control over the affairs of Tikona Communication Limited. They are not involved in day-to-day management, do not hold positions on the Board of Directors, and have no special rights or arrangements that would enable significant influence.

Regulatory Compliance and Control Shift

The acquisition by Sar Televenture was executed pursuant to SEBI (Substantial Acquisition of Shares and Takeovers) Regulations, 2011. The public announcement for the open offer was made on March 16, 2026, and the process concluded on September 28, 2026. With the exit of the former promoters, Sar Televenture now holds absolute majority control with 70.17% of the paid-up equity capital.

The company, formerly known as Grand Foundry Limited, stated that the conditions applicable for reclassification under Regulation 31A(3) of SEBI LODR Regulations are being complied with. The total diluted share capital remains unchanged at ₹12.17 crore, divided into 30,430,000 equity shares of ₹4 each.

What the Numbers Show

The simultaneous exit of both major shareholders, representing a combined 70.17% stake, signifies a clean break from the previous management structure. By moving from holding 14.04% and 56.13% respectively to Nil, Bansal and Goyal have fully divested their economic and voting interests. This aligns with the regulatory requirement that outgoing promoters must not retain any equity or control mechanisms to qualify for non-promoter status, ensuring Sar Televenture operates without legacy promoter influence.

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.