Swaraj Shares and Securities Pvt Ltd ("Manager to the Offer") has submitted to BSE a copy of Extension of the Tendering Period and the open offer period announcement for the attention of ....
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Awaiting price reaction for this filing.
GSB Finance Limited's filing announces an extension of the open offer period for the acquisition of up to 15,60,000 equity shares (26% of voting capital) from public shareholders at ₹20 per share, totaling up to ~₹3.31 crore. The offer is being made by Mr. Vivek Kumar Singhal, Mr. Kshitij Agrawal, M/s Nivesh Mandi Pvt Ltd, and M/s Stock Mandi, following a Share Purchase Agreement dated November 29, 2024, under which the existing promoters sold a 55.25% stake (33,14,820 shares) at ₹130 per share for ₹4.31 crore. The extension has become necessary because GSB Finance is an NBFC and requires prior approval from the Reserve Bank of India for change in management control, which has not yet been received. SEBI's observation letter dated May 19, 2025, directed that tendering can only start within 12 working days of receiving RBI approval, and that offer price will be revised upward by 10% per annum as interest compensation for the delay. If RBI approval does not come, the acquirers have stated they will withdraw the offer.
Public shareholders of GSB Finance should note the open offer is delayed until RBI clearance is obtained, but they will be compensated with 10% annual interest on the ₹20 offer price during the waiting period; if RBI approval is denied, the entire offer may be withdrawn, potentially affecting share price and shareholder exit plans.