GYR Capital Advisors Pvt Ltd ("Manager to the Offer") has submitted to BSE a copy of Pre Offer Public Announcement, Corrigendum to the Detailed Public Statement under Regulation 18(7) in ....
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On the reaction day the stock moved 4.5 pts more than Nifty Microcap 250 and 4.1 pts more than its Non Banking Financial Company (NBFC) peers, over the same two closes: a difference in percentage points, not a measure of what the filing did.
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Four acquirers — Mr. Vivek Kumar Singhal, Mr. Kshitij Agrawal, Nivesh Mandi Pvt Ltd, and Stock Mandi — have launched an Open Offer to buy up to 15,60,000 shares (26% of voting capital) from public shareholders of GSB Finance at ₹21.44 per share, totaling a maximum of about ₹3.34 crore in cash. This offer follows a Share Purchase Agreement signed on November 29, 2024, under which the acquirers agreed to purchase 33,14,820 shares (55.25%) from the existing promoters — Mr. Ramakant Biyani, Ms. Neelam Biyani, and GSB Securities — at ₹13.00 per share, valued at about ₹4.31 crore. The merchant banker has been changed from Swaraj Shares and Securities to GYR Capital Advisors after SEBI suspended the former's registration. The Offer Opening Advertisement was published in The Financial Express, Jansatta, and Mumbai Lakshadeep on September 29, 2025.
This is a change-of-control event: the existing promoter group is selling a 55.25% stake and exiting, while the new acquirers are required to make a mandatory 26% open offer to public shareholders at ₹21.44 per share. For public shareholders, the offer price implies a meaningful premium over the negotiated promoter sale price of ₹13.00 and provides a near-term exit opportunity, while the long-term direction of the stock will depend on the new management's plans.