Madhu Garg entered into agreement to acquire 70.12% stake in Grand Foundry Limited (BSE:513343) from Kiran Jangla, Heena Mehta & Namita Mehta Jangla for INR 21.3 million on October 12, 2022. Under the terms of transaction,Madhu Garg wil acquire 21.3 million shares for INR 1 per share. Consideration will be paid in cash.

Minal, Heena and Namita holds 21.3 million, 3800 shares and 480 shares respectively in Grand Foundry. In similar transaction 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. Transaction will be funded from internal resources.

Post completion, Acquirer have complete control over management of target and intent to make changes in board of company. Completion of transaction under SPA is subject to statutory approval and Acquirer have no intention to delist the company. As of December 9, 2022, Madhu Garg has completed the acquisition of 47.06% stake from Minal Jangla.

As of January 4, 2023, Madhu Garg has completed the acquisition of 3.03% stake from Minal Jangla. As of January 23, 2023, Madhu Garg has completed the acquisition of 20% stake from Minal Jangla. Madhu Garg now holds a total 70.10% stake in Grand Foundry Limited.