Grand Foundry approves a ₹99.22 Cr purchase of 62.01% of Tikona Infinet — about 2.2× its own market cap

Two filings reached the BSE on Saturday evening, September 12. At 18:22 IST, Grand Foundry Ltd — signing its letter as Tikona Communication Limited (formerly known as Grand Foundry Limited) — disclosed that its board had that day approved buying 62.01% of Tikona Infinet Private Limited, a wireless-broadband operator, for ₹99,22,00,380. At 19:28 IST came a second notice: another board meeting on September 17 to consider issuing the non-convertible debentures that will pay for the deal, plus a fund-raise via equity shares or warrants. Both filings landed after market close on a non-trading day; the last close in the price data is ₹15.00 on September 7, so the market's first response is still ahead.

The arithmetic the filing supports: ₹99,22,00,380 for 1,27,89,817 shares works out to about ₹77.6 per Tikona Infinet share, and valuing 100% of the target at the same rate implies roughly ₹160 Cr — about 0.73× the target's ₹218.86 Cr FY25 turnover. The filing describes Tikona Infinet as founded in 2008 by Mr. Prakash Bajpai (the entity's date of incorporation is recorded as 15/09/1975), with turnover of ₹190.60 Cr in FY23, ₹175.22 Cr in FY24 and ₹218.86 Cr in FY25 — a dip and then a recovery. The September 17 board-meeting notice names the selling shareholders: Mr. Prakash Chandra Bajpai, Mr. Tarun Kumar, Mr. Sridhar Krishnamoorthy Iyer and Krti Technologies Private Limited. If the NCD issuance proceeds as described, the target's founder and co-shareholders would become creditors of the listed company that now carries the Tikona name.

The name came before the deal. On July 20 the board approved a change in the company's name alongside the June-quarter results; an EGM was held on August 13; and on September 11 the company filed its change-of-name announcement. By September 12 the acquisition letter was already signed "For Tikona Communication Limited (Formerly known as Grand Foundry Limited)". A company listed under the Iron & Steel Products classification adopted its target's brand name before the acquisition of that target was approved — the filings record the sequence, though not the rationale for its ordering.

The acquirer's own record is short. The quarters ending March, June and September 2025 show zero revenue and small losses driven by interest costs. Revenue appears in the March 2026 quarter at ₹10.53 Cr and reaches ₹19.65 Cr in the June 2026 quarter, with a ₹2.11 Cr net profit at an 11.26% operating margin. Set against that, the target's ₹218.86 Cr FY25 turnover is nearly three times the acquirer's latest quarterly revenue annualised (₹19.65 Cr × 4 ≈ ₹78.6 Cr). If the deal closes, the acquired business would be substantially larger than the acquirer's current operations — which is consistent with the filing's stated object of expanding into telecom and digital connectivity, and with the new corporate name.

This is among the thinnest tapes on the exchange. Most sessions between late March and early May 2026 printed zero volume at an unchanged ₹10.98; typical traded volumes elsewhere run from a few hundred to a few tens of thousands of shares on a 3.04 Cr share base, with promoters holding 70.18% and institutions essentially absent (zero FII shares, 7,080 DII shares as of June 30). The stock has climbed the ladder from its ₹9.05 low of September 2025 to ₹15.00 — up 65.7% — and has sat at that 52-week high since August 10. On a book this thin, whatever reaction the September 12 filings produce in the next session will be set by very few trades, and the printed move should be read accordingly.