Florida investor makes competing bid for Religare

Gaekwad makes offer at ₹275/share against ₹235/share by Burmans

- ENS ECONOMIC BUREAU @ New Delhi

IN a fresh twist to the acquisition of diversified fintech firm Religare Enterprise Limited (REL), Florida-based businessman Danny Gaekwad has made a counter offer in cash for the company at ₹275 a share as against ₹235 apiece made by the Burman Family of the FMCG major Dabur group.

The offer was made in a letter addressed to the Chairperson of market regulator Securities and Exchange Board of India (Sebi), as per a filing made by Religare to the BSE. Written on behalf of Danny Gaekwad Developments & Investments Florida, the letter stated its offer of ₹275 per equity share represents a 17% premium to the open offer price offered by the Burmans and a 24% premium to the 60-day volume weighted average price of REL's shares calculated with a reference date of September 22, 2023, of ₹221.