In a significant development for GSB Finance Limited (ISIN: INE777C01011), four acquirers have announced an open offer to purchase up to 26% of the company's voting share capital from public shareholders at ₹21.44 per share. This offer follows a share purchase agreement where the acquirers agreed to buy a 55.25% stake from the company's promoter shareholders at ₹13.00 per share.

Details of the Open Offer

The open offer is being made by:

• Mr. Vivek Kumar Singhal
• Mr. Kshitij Agrawal
• Nivesh Mandi Private Limited
• Stock Mandi

(collectively referred to as the Acquirers)

They are seeking to acquire up to 15,60,000 shares, representing 26% of GSB Finance's voting share capital, from public shareholders.

The offer price of ₹21.44 per share includes an interest component calculated at 10% from the scheduled date of payment to the actual date of payment. Assuming full acceptance, the maximum consideration for this offer amounts to ₹3,34,46,400.

Background of the Acquisition

Prior to the open offer, the Acquirers entered into a share purchase agreement on November 29, 2024, to acquire a 55.25% stake (33,14,820 shares) from the company's promoter shareholders at ₹13.00 per share. The total consideration for this agreement was ₹4,30,92,660.

Key Points for Shareholders

• Tendering Period: September 30, 2025, to October 14, 2025
• New Merchant Banker: GYR Capital Advisors Private Limited
• Regulatory Approval: Obtained from the Reserve Bank of India on September 12, 2025

Impact on Shareholding Structure

If the open offer is fully subscribed, the Acquirers' stake in GSB Finance could increase to 81.25% of the voting share capital. This would significantly alter the company's ownership structure and potentially its future direction.

Regulatory Compliance

The Acquirers have stated their commitment to maintaining the minimum public shareholding required for continued listing, in accordance with SEBI regulations. If public shareholding falls below the required level post-acquisition, they have undertaken to bring it back to compliance within the stipulated timeframe.

Shareholders of GSB Finance Limited are advised to carefully review the detailed terms and conditions of the offer before making a decision. The Letter of Offer, containing full particulars of the offer, will be dispatched to eligible shareholders.

This open offer represents a significant opportunity for public shareholders to potentially exit their investment at a premium to the recent market price, while also signaling a major shift in the company's ownership and possibly its strategic direction.

GSB Finance Limited , a non-banking financial company, has issued a public notice regarding an impending change in its management structure following an acquisition approved by the Reserve Bank of India (RBI). The notice, dated September 19, 2025, was published in two newspapers - Financial Express and Mumbai Lakshdeep - in compliance with regulatory requirements.

Acquisition Details

The public notice was issued pursuant to Paragraph 42 of the RBI's Master Direction - Scale Based Regulations (SBR). It aims to inform stakeholders about the management change in connection with a proposed acquisition that has received RBI approval. The notice serves to seek objections from any person who might be affected by this acquisition.

Regulatory Compliance

In adherence to Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, GSB Finance Limited has duly informed the BSE Limited about this development. The company's communication to the stock exchange was signed by Director Suyash Biyani.

Previous Communications

The public notice follows earlier communications made to the stock exchange on September 12, 2025, which pertained to the acquisition of shares in GSB Finance Limited. This sequence of events highlights the company's commitment to maintaining transparency and regulatory compliance throughout the acquisition process.

Implications for Stakeholders

The issuance of this public notice marks a significant step in the acquisition process, potentially affecting various stakeholders including shareholders, employees, and customers of GSB Finance Limited. It provides an opportunity for affected parties to voice any concerns or objections they may have regarding the proposed management change.

Next Steps

Interested parties are expected to review the public notice and submit any objections within the stipulated timeframe. The company will likely proceed with the management change and acquisition process after addressing any valid concerns raised during this period.

This development signals a potentially transformative phase for GSB Finance Limited, with implications for its future operations and strategic direction under new management.