Grand Foundry Limited Announces Share Purchase Agreement for Change in Control

Grand Foundry Limited has informed stock exchanges about a major ownership restructuring through a Share Purchase Agreement that will transfer controlling stake to a new acquirer. The company filed the disclosure under Regulation 30 of SEBI LODR Regulations on March 3, 2026. Transaction Details The Share Purchase Agreement involves the acquisition of a controlling stake by Sar Televenture Limited from the company's existing promoters. The key transaction parameters are structured as follows: Parameter: Details Acquirer: Sar Televenture Limited Sellers: Mr. Gaurav Goyal and Mr. Rakesh Kumar Bansal (Specified Promoters) Shares to be Acquired: Up to 2,13,51,740 equity shares Ownership Percentage: 70.17% of paid-up share capital Price per Share: ₹1.50 Total Transaction Value: ₹3,20,27,610 Agreement Date: March 3, 2026 Management and Control Changes The transaction will result in comprehensive changes to the company's leadership structure. Upon completion, the existing promoter group will cease to be in control of Grand Foundry Limited, and the company will initiate the process for declassification of current promoters. The agreement specifically provides for: Complete transfer of management and control to the acquirer Alteration in the composition of the Board of Directors Changes in Key Managerial Personnel Transfer of related rights and obligations associated with the shareholding Regulatory Compliance The transaction is subject to fulfillment of several conditions precedent, including: Receipt of necessary regulatory approvals Completion of mandatory open offer under SEBI (Substantial Acquisition of Shares and Takeovers) Regulations, 2011 Other customary closing conditions The company has confirmed that Sar Televenture Limited has no existing relationship with Grand Foundry Limited or its current promoter group. The transaction does not fall within the ambit of related party transactions, and no restrictions or liabilities are being imposed on the listed entity as part of this agreement. Purpose and Impact According to the disclosure, the Share Purchase Agreement aims to record the respective rights and obligations of all parties regarding the equity share transfer, company management, and shareholder rights. The transaction represents a complete ownership transition that will fundamentally alter the company's promoter structure and management control. Grand Foundry Limited has announced its unaudited standalone financial results for the quarter ended December 31, 2025, revealing continued operational challenges with widened losses and zero revenue generation. The company's board approved these results during a meeting held on February 13, 2026. Financial Performance Analysis The company's financial performance showed deterioration across key metrics during Q3FY26: Metric Q3FY26 Q3FY25 Change Revenue from Operations - - No change Total Expenses ₹23.02 lakhs ₹15.05 lakhs +53% Net Loss (₹23.02 lakhs) (₹15.05 lakhs) +53% Basic EPS (₹0.08) (₹0.05) -60% For the nine-month period ended December 31, 2025, the company reported a net loss of ₹70.60 lakhs compared to ₹52.28 lakhs in the corresponding period of the previous year, representing a 35% increase in losses. Expense Breakdown The company's expense structure for Q3FY26 comprised: Employee Benefit Expenses: ₹2.97 lakhs (compared to ₹0.15 lakhs in Q3FY25) Finance Costs: ₹13.90 lakhs (compared to ₹9.97 lakhs in Q3FY25) Other Expenses: ₹7.16 lakhs (compared to ₹4.93 lakhs in Q3FY25) Employee benefit expenses showed the most significant increase, rising from ₹0.15 lakhs to ₹2.97 lakhs year-over-year. Ownership Changes and Corporate Developments During the reporting period, Grand Foundry Limited underwent significant ownership changes: Parameter Details Acquiring Entity New Processes New Promoter Stake 30.23% Previous Promoter Stake 23.5% Total Shares Acquired 12,71,452 equity shares Share Purchase Agreement 42,70,072 equity shares Open Offer Shares 1,380 equity shares The acquisition resulted in a change of control and reconstitution of the promoter group. Additionally, the company acquired 1,20,80,288 equity shares through a Share Purchase Agreement on January 2, 2026. Regulatory and Operational Status Grand Foundry Limited operates in the bright steel bars business segment. The company's shares are currently under Graded Surveillance Measures (GSM) Stage 3 on both the National Stock Exchange and Bombay Stock Exchange, indicating temporary trading restrictions. The company's management noted that financial information and accounting records of the acquired entity are still under review and reconciliation. The evaluation of accounting treatment, including fair valuation assessment and applicable Accounting Standards requirements, remains pending. Share Capital Structure The company maintained consistent share capital metrics throughout the reporting periods: Weighted Average Equity Shares: 30,43,00,000 shares Face Value per Share: ₹4.00 Diluted EPS: (₹0.08) for Q3FY26 The financial results were reviewed by the audit committee and approved by the board of directors, with statutory auditors conducting a limited review in accordance with SEBI regulations. We’re building Scanx - to help you express your trading & investing idea, to help you analyse the markets better. Stock Markets are the true indicator of the growth of any country's economy. 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