An open offer has been made by Mr. Vivek Kumar Singhal, Mr. Kshitij Agrawal, M/s Nivesh Mandi Private Limited, and M/s Stock Mandi (collectively, the Acquirers) for the acquisition of 15,60,000 shares, representing 26% of the voting share capital of GSB Finance Limited from its public shareholders. The offer price has been set at INR 20 per share, aggregating a maximum consideration of INR 3.12 crore assuming full acceptance by the public shareholders. This offer has been made in compliance with the provisions of the SEBI (Substantial Acquisition of Shares and Takeovers) Regulations, 2011 (SEBI SAST Regulations), specifically Regulations 3(1) and 4, which govern such transactions.

This open offer is triggered following the Share Purchase Agreement dated November 29, 2024, wherein the acquirers agreed to acquire 33,14,820 shares from the selling promoters (Mr. Ramakant Sagarmal Biyani, Ms. Neelam Ramakant Biyani, and M/s GSB Securities Private Limited), which constitute 55.25% of the voting share capital of the target company, GSB Finance. The sale price for these shares was negotiated at INR 13 per share, amounting to INR 4.31 crore.

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The Detailed Public Statement (DPS) regarding the open offer was published on December 4, 2024, in leading newspapers, including Financial Express, Jansatta, and Mumbai Lakshadeep, in accordance with the regulations. The DPS outlines all necessary details regarding the offer, including the offer price, process, and timelines for public shareholders to tender their shares.

The open offer provides an opportunity for GSB Finance's public shareholders to sell their shares at a fair price of INR 20 per share, significantly higher than the negotiated price in the Share Purchase Agreement. The offer will close on January 2, 2025, with the acquirers aiming to complete the transaction promptly.

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