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.

Sar Televenture Ltd has made a strategic move to bolster its position in the telecommunications sector by approving a share swap deal to acquire a majority stake in Tikona Infinet. The board of directors has given the green light to this significant transaction, valued at ₹578.00 crore.

Deal Highlights

Strategic Implications

This acquisition is poised to have far-reaching effects on Sar Televenture's business operations:

1. Expanded Service Offerings: The deal is expected to strengthen Sar Televenture's enterprise and broadband services portfolio.
2. Market Position: By acquiring a majority stake in Tikona Infinet, Sar Televenture aims to enhance its competitive edge in the telecom market.
3. Synergies: The merger is likely to create synergies between the two companies, potentially leading to improved operational efficiencies and service delivery.

About Tikona Infinet

Tikona Infinet is known for its presence in the broadband and enterprise services segment. The acquisition by Sar Televenture suggests that Tikona Infinet's assets and expertise are viewed as valuable additions to Sar Televenture's existing business model.

Market Impact

The announcement of this share swap deal could have significant implications for both companies and the broader telecom sector. Investors and industry analysts will be closely watching how this acquisition unfolds and its impact on Sar Televenture's market position and financial performance in the coming quarters.

As the deal progresses, more details are expected to emerge regarding the integration plans, potential leadership changes, and the combined entity's strategy moving forward. Stakeholders will be keen to see how Sar Televenture leverages this acquisition to drive growth and enhance shareholder value in the competitive telecommunications landscape.