Intimation for reclassification of the erstwhile promoter of GSB Finance Limited
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GSB Finance has informed BSE that the erstwhile promoters — Mr. Ramakant Sagarmal Biyani, Ms. Neelam Ramakant Biyani, and GSB Securities Pvt Ltd — have been reclassified to the 'public' category after selling their entire 33,14,820 equity shares (55.25% of voting capital) to a group of new acquirers led by Mr. Vivek Kumar Singhal, Mr. Kshitij Agarwal, Nivesh Mandi Pvt Ltd, and Stock Mandi. The transaction, executed via a Share Purchase Agreement, has been completed, giving the acquirers sole control of the company. The new acquirers have formally become the promoters of the company, while the selling promoter shareholders now hold 0 shares (0%). The reclassification is being carried out under Regulation 31A(10) of SEBI LODR Regulations, with all conditions confirmed. Mr. Vivek Kumar Singhal is the new Managing Director and authorized signatory for the company.
This is a complete change of control at GSB Finance. The stock may see fresh volatility as new management takes charge, and existing shareholders should watch for any shifts in business direction, strategy, or board composition under the new promoters. The exit of the original founding family marks a significant transition for the company.