Grand Foundry Approves Equity & Warrant Issue, Acquires Fusionnet Web Services
Grand Foundry Limited will issue up to 1.04 crore equity shares and 8.84 crore warrants via preferential allotment, raising ₹10.40 crore and ₹88.45 crore respectively. The company will also acquire Fusionnet Web Services for ₹256.84 crore through RNCPS issuance. An EGM is scheduled for October 28, 2026, to approve these proposals.
The preferential issue of equity and warrants, along with the acquisition of a subsidiary, represents a substantial strategic move that will significantly impact the company's capital structure and business operations.
The company is undertaking significant capital raising and acquisition activities, which are generally viewed positively as they indicate growth and strategic expansion.
Grand Foundry Limited's Board of Directors, in a meeting held on October 1, 2026, approved a significant preferential issue of equity shares and convertible warrants. The company plans to issue up to 1,04,00,000 equity shares at ₹10 each, aggregating ₹10.40 crore, to non-promoter entities. Additionally, up to 8,84,50,000 convertible warrants, each carrying the right to subscribe to one equity share at ₹10 per warrant, were approved for issuance to promoters and non-promoters, amounting to ₹88.45 crore. These issuances are subject to shareholder and regulatory approvals.
Furthermore, the company has approved the proposed acquisition of Fusionnet Web Services Limited (FWSL) from SAR Televenture Limited for an aggregate consideration of ₹256.84 crore. This acquisition involves 1,28,09,761 equity shares, representing 90.82% of FWSL's paid-up capital. The consideration will be discharged through the issuance of 3.20% Redeemable Cumulative Non-Convertible Preference Shares (RNCPS) of Grand Foundry Limited to SAR Televenture Limited at ₹30 per RNCPS. FWSL, engaged in telecom infrastructure services, will become a direct subsidiary upon completion, expected by December 31, 2026.
To facilitate these decisions, an Extra-Ordinary General Meeting (EGM) has been scheduled for Wednesday, October 28, 2026, via video conferencing. October 21, 2026, has been fixed as the cut-off date for determining voting eligibility for the EGM. Ms. Loveleen Gupta has been appointed as the scrutinizer for the electronic voting process.
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Grand Foundry Limited filed this with the NSE as a statutory disclosure, categorised under equity fundraising. It is a primary document, not a recommendation, and the desk marks it high impact, which is the band that most often changes something.
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See the model portfoliosA plain-language summary of a public exchange filing by Grand Foundry Limited. Read the original for the full detail.