Sar Televenture to Acquire 70.17% of Grand Foundry for ₹3.2 Cr

Introduction

Grand Foundry Limited is set for a complete ownership overhaul after Sar Televenture Limited signed a Share Purchase Agreement (SPA) on March 3, 2026, to acquire a controlling stake. The deal will see Sar Televenture take over 70.17% of the company from the current promoters, marking a significant shift in management and strategic direction for the struggling steel bar manufacturer.

Details of the Share Purchase Agreement

The transaction involves the transfer of 2,13,51,740 equity shares from the existing promoters, Mr. Gaurav Goyal and Mr. Rakesh Kumar Bansal, to Sar Televenture Limited. The acquisition price has been set at ₹1.50 per share, bringing the total transaction value to approximately ₹3.20 crores. This agreement facilitates a complete transfer of management control and all associated rights to the acquirer.

Management and Control Overhaul

Upon successful completion of the transaction, the existing promoter group will cease to control Grand Foundry Limited. The company will initiate the process to declassify them as promoters. This change will lead to a significant restructuring of the Board of Directors and Key Managerial Personnel, aligning the company's leadership with the new ownership. The move signifies a complete exit for the current promoters and the beginning of a new chapter under Sar Televenture's stewardship.

Regulatory Hurdles and Mandatory Open Offer

The acquisition is contingent upon the fulfillment of several conditions, including securing necessary regulatory approvals. A key component of the process is the mandatory open offer that Sar Televenture must launch under SEBI's takeover regulations. The company plans to acquire up to an additional 79,11,800 equity shares, representing 26% of the total stake, from public shareholders. The price for this open offer is set at ₹2.50 per share, which is higher than the price agreed upon with the promoters.

Financial State of Grand Foundry

The acquisition comes at a time when Grand Foundry is facing severe operational and financial challenges. The company reported zero revenue from operations for the quarter ended December 31, 2025. During the same period, its net loss widened to ₹24.38 lakhs from ₹15.05 lakhs in the previous year. For the nine months ending December 31, 2025, the net loss increased by 35% to ₹70.60 lakhs. Furthermore, the company's shares are currently trading under Graded Surveillance Measures (GSM) Stage 3, indicating heightened regulatory scrutiny and trading restrictions.

Strategic Rationale for Sar Televenture

Sar Televenture Limited, primarily a provider of telecom infrastructure solutions like 4G/5G towers and optical fiber cable systems, is making a strategic move into a different sector. This acquisition could be a step towards diversification into the manufacturing industry. By taking over Grand Foundry, Sar Televenture gains an entry into the bright steel bars business, potentially leveraging its management expertise to turn around the financially stressed company.

A Look at Past Ownership Changes

This is not the first time Grand Foundry has seen significant ownership activity. In July 2025, the same promoters who are now selling their stake, Mr. Goyal and Mr. Bansal, had launched an open offer to acquire a 26% stake at ₹2.00 per share. This earlier move consolidated their control, which they are now relinquishing entirely. The history of recent ownership changes highlights a period of transition for the company, culminating in the current complete takeover.

Market Impact and What to Watch

For shareholders, this acquisition introduces both opportunities and uncertainties. The new management from Sar Televenture could implement a turnaround strategy to revive the company's fortunes. Key developments to monitor include the successful completion of the open offer, announcements regarding the new business strategy, and any improvements in the company's financial performance in the upcoming quarters. The difference in the promoter sale price (₹1.50) and the open offer price (₹2.50) will also be a point of interest for public shareholders.

Conclusion

The acquisition of Grand Foundry by Sar Televenture marks a pivotal moment for the company. It is a complete ownership transition that hands over control of a financially weak manufacturing firm to a company from the telecom sector. The path forward depends on regulatory approvals and the successful execution of a new strategic plan by the incoming management. All eyes will be on Sar Televenture to see how it navigates the challenges and attempts to unlock value in its new acquisition.