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 plans to convene a board meeting on Thursday, October 1, 2026, to deliberate on proposals for raising capital through equity and preference shares. The company, which has since been renamed Tikona Communication Limited, seeks to expand its funding base via permissible modes under SEBI regulations.

Capital raise proposals on the agenda

The Board of Directors will consider the issuance of equity shares or warrants convertible into equity shares. This issuance is proposed through preferential allotment in accordance with the SEBI (Issue of Capital and Disclosure Requirements) Regulations, 2018, and the Companies Act, 2013. The proposal remains subject to receiving requisite consents and approvals.

Additionally, the agenda includes a proposal for issuing Redeemable Preference Shares (RPS) or Non-Convertible Redeemable Preference Shares (NCRPS). These instruments are slated for issuance on a private placement or preferential basis, contingent upon necessary regulatory clearances.

Trading window closure details

In compliance with the SEBI (Prohibition of Insider Trading) Regulations, 2015, and the company's internal code of conduct, the trading window for designated persons and insiders will remain closed. The closure is effective until 48 hours after the declaration of the outcome of the board meeting.

Key meeting details

The filing was submitted to BSE Limited and National Stock Exchange of India Limited as prior intimation under Regulation 29(1) read with Regulation 29(2) of the SEBI (Listing Obligations and Disclosures Requirements) Regulations, 2015. Sonia Arora Ahuja, Company Secretary and Compliance Officer, signed the notice on September 28, 2026.