SAR Televenture raises Tikona stake to 70.17% in 2026

What changed at Tikona Communication

Tikona Communication Limited reported a sharp rise in promoter holding after SAR Televenture Limited acquired a 56.13% stake. Following the transaction, SAR Televenture’s aggregate shareholding in the company rose to 70.17% of the paid-up equity capital. The disclosure ties the acquisition to a process under the SEBI (Substantial Acquisition of Shares and Takeovers) Regulations, 2011. The move marks a shift from a minority position to clear majority control. The development is important for shareholders because it changes who effectively controls strategic and operational decisions. It also signals the completion of a takeover process that included a mandatory open offer.

The off-market acquisition and the open-offer link

The acquisition was executed through an off-market purchase pursuant to a Share Purchase Agreement dated March 3, 2026. The purchase was connected to a mandatory open offer under SEBI SAST Regulations, 2011. The shares were acquired from the erstwhile promoter, Gaurav Goyal. The transaction was disclosed on September 28, 2026, when the equity shares were credited to the acquirer’s demat account. This detail matters because, for market disclosures, the date of credit in the demat account is often treated as the effective date for completion and reporting. The sequence also connects the initial agreement in March with the later disclosure in September.

From 14.04% to 70.17%: the change in control

Before this transaction, SAR Televenture held 42,72,362 equity shares, representing 14.04% of the company. The acquisition added 1,70,80,288 equity shares, consolidating control within the acquirer group. After the completion of the offer process, SAR Televenture’s shareholding was reported at 2,13,52,650 shares, representing 70.17% of the paid-up share capital. Public shareholding consequently stood at 90,77,350 shares, or 29.83% of the total equity. The jump from a 14.04% minority stake to a 70.17% majority position indicates a complete change in control dynamics for the company.

Company capital structure and share count

The company, previously known as Grand Foundry Limited, has a paid-up equity share capital of ₹12.17 crore. This capital is divided into 30,430,000 equity shares of face value ₹4 each. The post-offer shareholding numbers cited alongside the 70.17% stake imply a total equity base of 3,04,30,000 shares, consistent with the stated paid-up capital and face value. This alignment is relevant for investors assessing dilution risk, voting rights, and the magnitude of the takeover. It also helps reconcile the stake percentages with the absolute number of shares disclosed in filings.

Price points cited across disclosures

Multiple price points appear in the provided disclosures. A Reuters item dated March 3, 2026 reported a deal at ₹1.50 per share with a total consideration of 32 million rupees, which is ₹3.20 crore. Separately, the open offer is described at an offer price of ₹2.50 per share, with SAR Televenture acquiring a 70.17% stake at that price reference. These figures relate to different parts of the broader change-in-control process as presented in the disclosures. The reported open offer response was very limited, with only 910 shares tendered and accepted. That low tender figure indicates the final 70.17% position was primarily achieved through the promoter share purchase rather than through significant public tender.

Leadership and board changes after the acquisition

Grand Foundry Limited announced significant changes in its Board of Directors and Key Managerial Personnel following the acquisition of control by SAR Televenture Limited, completed via an open offer. The Board approved the appointment of Mr. Deepak Chaudhary as Managing Director and Mr. Vikas Tandon as Whole-time Director, both for five-year terms. Mr. Paramjit Singh was appointed as Non-Executive Non-Independent Director, and Mr. Arun Goel as Independent Director. Mr. Kamal Garg has been appointed as the new Chief Financial Officer. These changes were stated to be effective July 9, 2026, subject to necessary statutory and shareholder approvals. The disclosures also stated that the entire previous management team resigned effective July 9, 2026, consequent to the acquisition of control.

Registered office shift mentioned in filings

Alongside the management transition, the company’s registered office was reported to have been moved from New Delhi to Noida, Uttar Pradesh, effective July 9, 2026. Such changes are typically disclosed because they affect statutory correspondence, regulatory filings, and investor communication. While the address shift does not, by itself, change the financial structure, it is part of the broader control and governance transition described in the disclosures.

Key facts at a glance

Market impact: what investors can infer from the numbers

The most direct market-relevant outcome is the shift to majority ownership, with SAR Televenture holding 70.17% of the company’s equity. With public shareholding at 29.83%, minority shareholders remain meaningful but no longer decisive on ordinary resolutions where promoter control is the key factor. The low open offer participation, at 910 shares tendered and accepted, suggests limited tendering by public shareholders in the process described. The formal linkage to SEBI SAST Regulations, 2011 indicates the takeover followed the prescribed route for change in control and mandatory open offer obligations.

Analysis: why the change matters

A move from 14.04% to 70.17% typically changes governance outcomes, including board composition and senior management appointments. In this case, the company disclosed a full transition of the board and key managerial personnel, including a new Managing Director and CFO, effective July 9, 2026. The disclosures also identify the seller as the erstwhile promoter, indicating a transfer of control rather than incremental market purchases. The multiple price references, including ₹1.50 per share in a Reuters report and ₹2.50 per share as an offer price in open-offer context, underline why readers should separate the promoter deal terms from the open offer terms as presented.

Conclusion

SAR Televenture’s acquisition has taken its holding in Tikona Communication to 70.17%, converting it from a minority shareholder into the controlling promoter group. The filings tie the transaction to a Share Purchase Agreement dated March 3, 2026 and to an open offer under SEBI SAST Regulations, 2011, with disclosure following demat credit on September 28, 2026. The company has also disclosed major leadership changes and a registered office shift effective July 9, 2026, subject to approvals. Future updates, if any, are likely to come through further exchange filings covering approvals and ongoing post-acquisition governance actions.