Grand Foundry control shift: SAR Televenture at 70% (2026)

Overview: what changed at Grand Foundry

Grand Foundry Limited has been in focus after a sequence of share transfers and an open offer that resulted in SAR Televenture Limited becoming the dominant shareholder. Company disclosures and market updates in late September 2026 show former promoters exiting and seeking reclassification to the non-promoter category. Alongside this, the company has also been referred to as Tikona Communication Limited in the same set of updates, indicating a linkage in the corporate narrative presented.

The key headline number is SAR Televenture’s post-offer holding of 70.17%. Public shareholding is reported at roughly 29.8% to 29.83% across snapshots. The latest shareholding pattern cited in the material shows institutional ownership remains negligible, with FIIs at 0% and DIIs near zero.

Company snapshot and base business

Grand Foundry Limited, with corporate operations in Mumbai, is described as a bright steel bar and wire processing company in India. The background material also references a Rs 250 crore project completed toward the end of 1997.

Separate disclosures in the provided text describe the company in the context of corporate control change, including share purchase agreements, open offer completion, and board and key managerial personnel reconstitution after the acquisition of control.

Shareholding pattern: promoters and public dominate

As of June 2026, the shareholding pattern is stated as:

• Promoters: 70.18%
• FIIs: 0.00%
• DIIs: 0.02%
• Public: 26.52%
• Mutual funds: 0.01%
• Others: 3.27%

A later snapshot as of 2 October 2026 states that promoters held about 70.2% and public about 29.8%. Another update tied to the open offer states the acquirer’s post-offer shareholding at 70.17% and public shareholding at 29.83%.

The promoter holding is also shown as largely stable over multiple periods in a tabular series, moving from 70.16% to 70.18% in recent quarters.

SAR Televenture’s acquisition and open offer outcome

The central transaction described is SAR Televenture Limited acquiring a controlling stake through an open offer process. One update states SAR Televenture acquired a 70.17% stake at ₹2.50 per share. The open offer reportedly saw only 910 shares tendered and accepted.

The material also includes an item stating SAR Televenture would acquire a 70.17% controlling stake in Grand Foundry Limited from its promoters for ₹3.20 crores, triggering a mandatory open offer. In a separate line, it is stated that SAR Televenture acquired 56.13% of Tikona Communication Limited via open offer, raising total holding to 70.17%.

In the detailed stake build-up, SAR Televenture is said to have acquired 1,70,80,288 shares (56.13%) under an SPA dated 2026-03-03, with holding rising from 42,72,362 shares (14.04%) to 2,13,52,650 shares (70.17%).

Former promoters’ exit and the reclassification request

Disclosures state that former promoters Rakesh Kumar Bansal and Gaurav Goyal exited control after selling their entire stakes. One update notes they held nil shares as of September 29, 2026, and that transfers were executed via off-market deals between September 24 and 28, 2026.

Another disclosure references stake percentages for the two individuals: 14.04% for Rakesh Kumar Bansal and 56.13% for Gaurav Goyal, together aligning with the 70.17% acquisition referenced for SAR Televenture. A separate line states Bansal cut his stake from 14.04% to 0.01% after selling via an open offer and off-market transfer.

The reclassification request is described as being made under SEBI (LODR) Regulation 31A, seeking movement from the Promoter category to the Non-Promoter category following the change in control.

Earlier change in control: June 2025 SPA and January 2026 open offer

The material also describes an earlier change in management and control during FY2025-26. It states the company witnessed a change in management and control pursuant to acquisition of shares from the existing promoter, Ms. Madhu Garg, under a Share Purchase Agreement dated June 26, 2025, and completion of a mandatory open offer on January 5, 2026 under SEBI (SAST) Regulations, 2011.

Grand Foundry disclosed that Ms. Madhu Garg was reclassified from the Promoter/Promoter Group category to the Public category after the open offer completion on 5 January 2026, referencing SEBI (LODR) Regulation 31A(10). The disclosure also states the outgoing promoter transferred the entire shareholding to the acquirers and no longer exercised control.

Board meeting and proposed capital actions

A separate update states that Grand Foundry Ltd (now Tikona Communication) scheduled a board meeting on October 1, 2026, to approve preferential allotment of equity and issuance of redeemable preference shares.

The provided text also states that Grand Foundry Limited reconstituted its Board of Directors and Key Managerial Personnel following the acquisition of control by SAR Televenture Limited.

Market value snapshot as of October 2026

As of 2 October 2026, Grand Foundry’s market capitalisation is stated at ₹116.52 crores. In the same timeframe, promoter holding is reported around 70.2% and public at 29.8%.

While the material does not provide day-wise price movements, it does provide the acquisition price per share (₹2.50 per share) and the open offer response (910 shares tendered and accepted), both useful indicators for assessing free float participation in the offer.

Key facts table

Market impact: what the numbers indicate

The main market-relevant change in the material is the consolidation of ownership with SAR Televenture at 70.17%, leaving a public float of around 29.8% to 29.83%. Institutional participation is shown as minimal in June 2026, with FIIs at 0% and DIIs at 0.02%, suggesting the register is primarily split between the controlling holder and non-institutional public shareholders.

The open offer participation, as stated, was limited to 910 shares tendered and accepted. With a controlling stake already established, the key investor watchpoints become formal regulatory steps such as promoter reclassification under SEBI LODR Regulation 31A and corporate actions discussed at the October 1, 2026 board meeting.

Why the reclassification matters

The reclassification requests described in the material provide a compliance and governance marker after a control transition. If former promoters have exited shareholding and management roles, their continued classification as promoters can be inconsistent with the current control position. The filings cited explicitly refer to cessation of control and complete transfer of shareholding in support of reclassification.

The sequence described across January 2026 and September 2026 also shows how the company’s promoter label shifted between individuals over time, first moving away from Ms. Madhu Garg after the January 5, 2026 open offer and later reflecting the exit of Rakesh Kumar Bansal and Gaurav Goyal after SAR Televenture’s acquisition.

Conclusion

The provided disclosures point to a clear ownership shift at Grand Foundry Ltd, with SAR Televenture Limited holding 70.17% after an open offer process and former promoters seeking reclassification to the non-promoter category. As of early October 2026, the company’s market capitalisation is stated at ₹116.52 crores and public shareholding near 30%.

The next confirmed milestone in the material is the October 1, 2026 board meeting agenda that includes preferential allotment of equity and issuance of redeemable preference shares, alongside the post-acquisition board and KMP reconstitution already reported.