Mr. Shrikant Mitesh Bhangdiya and associates have triggered an open offer to acquire up to 11,11,526 equity shares of GSL Securities , representing a 26.00% stake. The acquisition is priced at ₹42 per share, aggregating to a total consideration of ₹4,66,84,092.

The open offer follows a share purchase agreement (SPA) dated September 16, 2026, wherein the acquirers purchased 19,07,600 shares from the existing promoter group. This underlying transaction represents 44.62% of the voting share capital and was executed at the same price of ₹42 per share, totaling ₹8,01,19,200.

Transaction Structure

The acquirers—Mr. Shrikant Mitesh Bhangdiya, Ms. Aarti Shrikant Bhangdiya, and Ms. Sonal Kirtikumar Bhangdiya—currently hold a combined 23.97% stake in the company. Post-transaction, their holding will rise to 44.62%. The sellers include Mr. Sant Kumar Bagrodia, Ms. Shailja Bagrodia, Mr. Kumaar Bagrodia, Shree Kumar Mangalam Traders Private Limited, Mangalam Exim Private Limited, and Nalini Stock Brokers Private Limited.

Change in Control

Upon completion, the current promoters will transfer control and management to the Bhangdiya family. The existing promoter group members, including Ms. Sarita Ashok Dalmia, Mrs. Archana Goenka, and Mr. Sandeep Goenka, will be declassified from the promoter category under Regulation 31A of the SEBI (LODR) Regulations, 2015.

What the Numbers Show

The uniform pricing of ₹42 across both the off-market share purchase agreement and the mandatory public open offer indicates a negotiated block deal structure rather than a market-driven premium. The acquirers are consolidating control by acquiring nearly two-thirds of the total voting rights (44.62% via SPA plus the potential 26.00% via open offer), effectively transitioning GSL Securities from the Bagrodia-led promoter group to the Bhangdiya family. The cash consideration for the entire potential acquisition stands at approximately ₹12.68 crore.

GSL Securities has appointed four additional directors, including Shrikant Mitesh Bhangdiya, Aarti Shrikant Bhangdiya, Sonal Kirtikumar Bhangdiya, and Chelikani Veera Venkata Suresh Babu. The appointments are subject to Reserve Bank of India approval.

The Board also accepted the resignation of Managing Director Santkumar Bagrodia and Non-Executive Non-Independent Director Shailja Bagrodia. Both resignations require RBI approval to take effect.

Board Appointments

The Nomination and Remuneration Committee recommended the new appointments. The Board approved them on September 16, 2026, during a meeting held in Mumbai.

Shrikant Mitesh Bhangdiya holds a Bachelor's degree in Civil Engineering and an MS in Management. He brings over a decade of commercial and managerial experience. He is related to fellow appointees Aarti Shrikant Bhangdiya and Sonal Kirtikumar Bhangdiya.

Aarti Shrikant Bhangdiya holds a B.Com degree and possesses more than 10 years of experience in business management and corporate governance. Sonal Kirtikumar Bhangdiya is a commerce graduate with over 10 years of business experience from an industrialist family.

Chelikani Veera Venkata Suresh Babu holds a B.Com and a Post Graduate Diploma in Financial Management. He has experience in over 200 securitisation transactions and risk management. He is not related to any existing or newly proposed directors.

Resignations

Santkumar Bagrodia, the Managing Director, has resigned from his position. Shailja Bagrodia, a Non-Executive Non-Independent Director, has also resigned. The company confirmed that neither director is debarred by SEBI or other authorities.

Regulatory Compliance

The company affirmed that all newly appointed directors are not debarred from holding office under SEBI orders. The outcomes were disclosed pursuant to Regulation 30 of the SEBI Listing Obligations and Disclosure Requirements Regulations, 2015.