US investor makes open offer to Religare
A day ahead of open offer, Religare Enterprises Ltd (REL) on Sunday said a US-based investor Danny Gaekwad Developments & Investments has made a proposal to pick up 26 per cent stake in the financial services firm at a higher price than offered by entities promoted by the Burman family
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New Delhi: A day ahead of open offer, Religare Enterprises Ltd (REL) on Sunday said a US-based investor Danny Gaekwad Developments & Investments has made a proposal to pick up 26 per cent stake in the financial services firm at a higher price than offered by entities promoted by the Burman family.
In a letter written to the Sebi Chairperson, posted by REL, Danny Gaekwad Developments & Investments has requested the regulator to permit the US-based entity to submit a competing open offer. Digvijay Laxmansinh Gaekwad, who claimed to be a globally recognised investor, has offered to pay a 17 per cent higher price of Rs275 per share of REL as against open offer price bid of Rs235 per equity. Burmans’ Religare Enterprises’ open offer to acquire an additional 26 per cent stake from the open market would commence on January 27 following the regulatory approvals.
