GSB Finance Limited Completes Major Promoter Change with 55.25% Equity Acquisition

GSB Finance Limited has completed a major ownership restructuring with the acquisition of 33,14,820 equity shares representing 55.25% of the company's total voting share capital. The transaction, executed on March 2, 2026, marks a significant change in the company's promoter structure and control dynamics. Share Purchase Agreement Details The acquisition was facilitated through a Share Purchase Agreement between the selling promoter shareholders and a consortium of acquirers. The transaction involved the complete transfer of control from the existing promoter group to the new acquiring entities. Transaction Parameter: Details Shares Acquired: 33,14,820 equity shares Percentage Acquired: 55.25% of total voting share capital Transaction Date: March 2, 2026 Regulatory Framework: SEBI Listing Regulations Parties Involved in the Transaction The selling promoter shareholders included Mr. Ramakant Sagarmal Biyani, Ms. Neelam Ramakant Biyani, and M/s. GSB Securities Private Limited. The acquiring group comprises four entities that have collectively gained control of the company. New Promoter Group: Mr. Vivek Kumar Singhal (Acquirer 1) Mr. Kshitij Agarwal (Acquirer 2) M/s. Nivesh Mandi Private Limited (Acquirer 3) M/s. Stock Mandi (Acquirer 4) Promoter Reclassification Under SEBI Regulations Following the completion of the acquisition, the acquirers have obtained sole control of GSB Finance Limited and have been reclassified as the company's promoters in accordance with SEBI Listing Regulations. The transaction has resulted in the reclassification of the erstwhile promoters from promoter group to public category under Regulation 31A(10). Reclassified Entity: Shares Held Post-Transaction Percentage Mr. Ramakant Sagarmal Biyani: 0 0% Ms. Neelam Ramakant Biyani: 0 0% M/s. GSB Securities Private Limited: 0 0% Regulatory Compliance and Requirements The company has confirmed compliance with all requirements for undertaking the reclassification under Regulation 31A(10) of the SEBI Listing Regulations. The erstwhile promoters have provided formal confirmations regarding their reclassification status, including commitments related to voting rights, control mechanisms, and board representation. The reclassified promoters have confirmed they do not hold more than 10% of total voting rights, do not exercise control over company affairs, have no special rights through formal or informal arrangements, and are not represented on the board of directors. They have also committed to comply with specific conditions for a period of not less than three years from the date of reclassification. Leadership Structure Mr. Vivek Kumar Singhal, one of the key acquirers, has been designated as the Managing Director of GSB Finance Limited with DIN 01962224. The company's registered office is located at 201, 2nd Floor, Eco Space I.T. Park Building, Village Mogra, Old Nagardas Road, Andheri(E) Mumbai, while the corporate office operates from Raipur, Chhattisgarh. GSB Finance Limited has announced the resignation of its Company Secretary and Compliance Officer, Ms. Payal Jain, effective February 27, 2026. The company formally communicated this development to BSE Limited through an official intimation under Regulation 30 of the SEBI (Listing Obligations & Disclosure Requirements) Regulation 2015. Resignation Details Ms. Payal Jain, holding membership number A-73458, tendered her resignation from both positions citing personal reasons. The resignation becomes effective from the close of business hours on February 27, 2026. Parameter: Details Officer Name: Ms. Payal Jain Membership Number: A-73458 Positions: Company Secretary & Compliance Officer Effective Date: February 27, 2026 Reason: Personal reasons Regulatory Compliance The company has fulfilled its disclosure obligations by providing the required documentation to BSE Limited. The intimation includes a copy of the resignation letter and details mandated under SEBI circular no. CIR/CFD/CMD/4/2015 dated September 9, 2015, and SEBI/HO/CFD/CFD-PoD-1/P/CIR/2023/123 dated July 13, 2023. Official Communication Managing Director Vivek Kumar Singhal (DIN: 01962224) signed the official communication to the stock exchange on February 27, 2026. In her resignation letter addressed to the Board of Directors, Ms. Jain requested the company to file necessary forms with the Registrar of Companies and provide intimation to stock exchanges to formalize the resignation. Company Information GSB Finance Limited operates under CIN L99999MH2001PLC134193 and trades on BSE with scrip code 511543. The company is headquartered at Eco Space I.T. Park Building, Village Mogra, Old Nagardas Road, Andheri(E) Mumbai, Maharashtra. We’re building Scanx - to help you express your trading & investing idea, to help you analyse the markets better. Stock Markets are the true indicator of the growth of any country's economy. We are bullish on India, we are bullish on India's prospects to be one of largest economies of the world. We believe that Stock Markets provide an unique opportunity for all Indians to participate in the growth story of India. We are enabling the same for Indians. As financial services are becoming more accessible, there is now a large set of Indians today who are financially aware and literate. They value time and seek high quality products & services. 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