Description
Open offer to acquire up to 79,11,800 equity shares (26% stake) of Grand Foundry Limited at Rs. 2 per share by acquirers Rakesh Kumar Bansal and Gaurav Goyal under SEBI SAST Regulations.
Summary
Mr. Rakesh Kumar Bansal and Mr. Gaurav Goyal (Acquirers) have launched an open offer to acquire up to 79,11,800 equity shares representing 26% of the total equity/voting share capital of Grand Foundry Limited at a price of Rs. 2 per fully paid equity share (face value Rs. 4). The offer is made pursuant to Regulations 3(1) and 4 of SEBI (Substantial Acquisition of Shares & Takeovers) Regulations, 2011. The offer is not conditional on minimum acceptance levels and is not a competing offer.
Key Points
- Offer Size: Up to 79,11,800 equity shares (26% of total equity capital)
- Offer Price: Rs. 2 per equity share (face value Rs. 4)
- Payment Mode: Cash
- Regulatory Basis: SEBI (SAST) Regulations 2011 - Regulations 3(1) and 4
- No Minimum Acceptance: Offer not conditional on any minimum level of acceptance
- No Competing Offer: This is not a competing offer and no competing offers exist
- Price Revision: Acquirers may revise offer price up to 3 working days before opening (by October 29, 2025)
- Manager to Offer: D & A Financial Services (P) Limited (SEBI Regn: INM000011484)
- Registrar to Offer: Beetal Financial & Computer Services Private Limited (SEBI Regn: INR000000262)
Acquirer Details
Acquirer 1: Mr. Rakesh Kumar Bansal
- Address: House No. 39, Road No. 41, Punjabi Bagh, New Delhi - 110026
- Contact: 9811024212, info@harsosteels.com
Acquirer 2: Mr. Gaurav Goyal
- Address: C-15, Preet Vihar, New Delhi - 110092
- Contact: 9810031440, gaurav@himenterprises.com
Target Company Details
Grand Foundry Limited
- Registered Office: Office No. 302, Cabin No. 1, Sanjay Appa Chambers, Plot No. 82, Behind Charat Singh Colony, Andheri East, Chakala MIDC, Mumbai, Maharashtra - 400093
- Contact: 9711989548, cs@gfsteel.co.in
Regulatory Changes
No regulatory changes. This is a standard open offer under existing SEBI (SAST) Regulations 2011. No statutory approvals are required for this offer.
Compliance Requirements
- Public Shareholders: Must review the Letter of Offer and decide whether to tender their shares during the offer period
- Recent Sellers: If shares were recently sold, pass this Letter of Offer and accompanying documents to the stockbroker through whom the sale was effected
- Acceptance Process: Shareholders wishing to participate must submit Form of Acceptance cum Acknowledgement and Transfer Deeds
- Document Availability: Public Announcement, Detailed Public Statement (DPS), and Letter of Offer are available on SEBI website www.sebi.gov.in
Important Dates
| Event | Original Date | Revised Date |
|---|---|---|
| Public Announcement | Thursday, June 26, 2025 | Thursday, June 26, 2025 |
| Detailed Public Statement | Thursday, July 3, 2025 | Thursday, July 3, 2025 |
| Draft Letter of Offer Filed with SEBI | Thursday, July 10, 2025 | Thursday, July 10, 2025 |
| Last Date for Competitive Offer | Thursday, July 24, 2025 | Thursday, July 24, 2025 |
| Identified Date | Monday, August 4, 2025 | Thursday, October 16, 2025 |
| Last Date for Price Revision | Wednesday, October 29, 2025 | - |
| Offer Opens | Monday, November 3, 2025 | - |
| Offer Closes | Monday, November 17, 2025 | - |
Impact Assessment
Market Impact: High - This is a significant corporate action involving acquisition of 26% stake in Grand Foundry Limited, which will result in change of control or increased influence by the acquirers.
Shareholder Impact: High - Public shareholders must make critical decision on whether to tender their shares at Rs. 2 per share. The offer price represents 50% of face value, which shareholders need to evaluate against current market price and intrinsic value.
Corporate Governance: The acquisition under SEBI SAST Regulations indicates substantial acquisition triggering mandatory open offer requirements, suggesting significant change in shareholding pattern and potential change in management control.
Liquidity Event: Provides exit opportunity for public shareholders who wish to liquidate their holdings at the offered price during the 15-day tender period (November 3-17, 2025).
Impact Justification
Major acquisition event involving 26% stake acquisition of Grand Foundry Limited through open offer to public shareholders, significant corporate action requiring shareholder decision.