D & A FINANCIAL SERVICES (P) LIMITED
Offer Details
- Acquirer: SAR Televenture Limited
- Target Company: Grand Foundry Limited
- Offer Price: ₹2.50 (Rupees Two and Fifty Paisa only) per fully paid-up equity share
- Regulatory Basis: Offer made pursuant to SEBI (SAST) Regulations, 2011 and subsequent amendments
Independent Directors Committee Recommendation
The Committee of Independent Directors (IDCs) of Grand Foundry Limited has recommended that the open offer price of ₹2.50 per share is fair and reasonable based on the following reasons:
- The offer price is higher than the price arrived at using valuation parameters defined under SEBI SAST Regulations, which came to ₹2.28 per share
- The offer price is higher than the negotiated price under the share purchase agreement, which was ₹1.50 per share
- The IDC's recommendation was published on 05th June, 2026 in the same newspapers where the Detailed Public Statement was published
Offer Schedule (Revised)
| Activity | Revised Schedule |
| Date of Public Announcement | Tuesday, 03rd March, 2026 |
| Date of Publication of Detailed Public Statement | Tuesday, 10th March, 2026 |
| Filing of Draft Letter of Offer to SEBI | Tuesday, 17th March, 2026 |
| Last Date for Competitive Offer(s) | Monday, 06th April, 2026 |
| Identified Date* | Monday, May 25th, 2026 |
| Dispatch of Final Letter of Offer to shareholders | Tuesday, June 02nd, 2026 |
| Last Date for revising Offer Price/number of shares | Thursday, June 04th, 2026 |
| IDC recommendations date | Friday, June 05th, 2026 |
| Publication of Offer Opening Public Announcement | Monday, June 08th, 2026 |
| Commencement of Tendering Period (Offer Opening) | Tuesday, June 09th, 2026 |
| Expiry of Tendering Period (Offer Closing) | Monday, June 22nd, 2026 |
| Final acceptance/rejection communication and payment | Tuesday, July 07th, 2026 |
*The identified date (May 25th, 2026) is for determining public shareholders to whom the Letter of Offer would be mailed. All public shareholders (registered or unregistered) are eligible to participate prior to closure of tendering period.
Shareholder Application Process
- Letter of Offer dated 28th May, 2026 dispatched to shareholders on or before Tuesday, 02nd June, 2026
- Copy of Letter of Offer (including Form of Acceptance cum acknowledgement) available on SEBI's website (www.sebi.gov.in) during offer period
- Shareholders can apply using downloaded forms from SEBI website
- In case of non-receipt/non-availability of acceptance form, applications can be made on plain paper with required details: Name(s) & Address(es) of Joint Holder(s), Number of Shares held, Number of Shares tendered, Distinctive Numbers, Folio Number, Original share Certificate(s) and duly signed share transfer form(s)
Publication Details
Pre-Offer Advertisement published on 08th June, 2026 in:
- Financial Express (English - All Editions)
- Jansatta (Hindi - All Editions)
- Mumbai Lakshadweep (Marathi - Mumbai Edition)
Detailed Public Statement was previously published on Tuesday, 10th March, 2026 in the same newspapers.
Responsibility
The Acquirers accept full responsibility for the information contained in this Pre-Offer Advertisement and shall be jointly or severally responsible for fulfillment of obligations under the Offer and as laid down in SEBI (SAST) Regulations, 2011.
Contact Person: Ms. Radhika Pushkarna
Manager to the Offer: D & A Financial Services (P) Limited, 13, Community Centre, East of Kailash, New Delhi-110 065