Madhu Garg made an offer to acquire 29.88% stake in Grand Foundry Limited (BSE:513343) for INR 36.3 million on October 12, 2022. Under the terms of transaction,Madhu Garg will acquire 9.1 million shares for INR 4 per share in cash. The payment of consideration shall be made to all the Public Shareholders, who have tendered their Equity Shares in acceptance of the Offer within 10 (Ten) Working Days of the expiry of the Tendering Period. Transaction will be financed from acquirer own resources. In similar transaction Madhu Garg entered into agreement to acquire remaining 70.12% stake in Grand Foundry Limited for INR 21.3 million. Post completion, Acquirer have complete control over management of target and intent to make changes in board of company. Transaction is subject to consummation of completion of SPA agreement. Transaction is not subject to conditional upon Minimum tender and receipt of any other statutory approvals. However, it will be subject to all statutory approvals. Tender offer will commence from December 7, 2022, and will close on December 20, 2022. On December 7, The independent board committee reviewed the offer and find it fair and reasonable and unanimously approved the offer. As per the revised schedule on November 30, 2022, tender offer will commence from December 13, 2022, and will close on December 26, 2022. Hem Securities Limited acted as manager to the offer to Madhu Garg. Purva Sharegistry (India) Private Limited acted as a registrar to the offer. The Acquirer have appointed Hem Finlease Private Limited (“Buying Broker”) as its broker for the Open Offer.

Madhu Garg completed the acquisition of 0.06% stake in Grand Foundry Limited (BSE:513343) for INR 0.06 million on December 26, 2022.