Erstwhile Promoters Seek Reclassification to Public After Open Offer; Sar Televenture Takes 70.17% Control
Control has changed hands.
- Sar Televenture Acquisition
- 2,13,51,740 equity shares (70.17% of paid-up capital)
- Rakesh Kumar Bansal Shares Sold
- 42,71,452 shares (14.04%)
- Gaurav Goyal Shares Sold
- 1,70,80,288 shares (56.13%)
- Share Purchase Agreement Date
- 03 March 2026
- Open Offer Completion Date
- 28 September 2026
What happened
The company (now Tikona Communication Limited, formerly Grand Foundry Limited) informed the exchanges that Sar Televenture Limited acquired 2,13,51,740 equity shares, representing 70.17 % of the paid-up equity share capital, resulting in a change in control and management.
How the change came about
- Share Purchase Agreement dated 03 March 2026.
- Open offer to public shareholders under SEBI (SAST) Regulations, 2011, with the Public Announcement dated 16 March 2026.
- The open offer process was completed on 28 September 2026.
Outgoing promoters
- Mr. Rakesh Kumar Bansal held 42,71,452 shares (14.04 %) before the open offer; now Nil.
- Mr. Gaurav Goyal held 1,70,80,288 shares (56.13 %) before the open offer; now Nil.
Off-market transfers to the acquirer
- 24 September 2026: Bansal transferred 4270072 shares (14.03%), leaving 1380 shares (0.00%).
- 25 September 2026: Bansal transferred the remaining 1380 shares, leaving NIL.
- 28 September 2026: Goyal transferred 17080288 shares (56.13%), leaving NIL.
The reclassification request
Both erstwhile promoters have written to the Board asking to move from the "Promoter and Promoter Group" category to the "Non-Promoter/Public" category under Regulation 31A of SEBI LODR. They have declared that they hold no equity shares or voting rights, exercise no control, are not involved in day-to-day management, hold no Board position, and have no special rights.
What it means for investors
The company confirms the conditions applicable under Regulation 31A, including Regulation 31A(3), shall be complied with before giving effect to the reclassification. In simple terms, the founding shareholders have fully exited and a new controlling shareholder now owns a large majority stake, so future strategy and management direction will be set by the new owner.
Also from Grand Foundry
EGM on October 28, 2026: capital increase, preferential warrants and shares, Fusionnet-linked preference issue
6 Oct 2026
Grand Foundry Ltd promoter sells 56.13% stake
6 Oct 2026
Revised CA certificate submitted for proposed change of name
6 Oct 2026
More numbers
- Shares acquired by Sar Televenture Limited2,13,51,740 equity shares
- Stake acquired70.17 %
- Bansal shareholding before open offer42,71,452
- Bansal stake before open offer14.04
- Goyal shareholding before open offer1,70,80,288
- Goyal stake before open offer56.13
- Bansal shares transferred on 24 Sept 20264270072
- Bansal residual shares transferred on 25 Sept 20261380
- Goyal shares transferred on 28 Sept 202617080288
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