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'Frivolous': Sebi rejects Gaekwad's bid for Religare
Mint New Delhi
|February 15, 2025
The Burmans' open offer for Religare closed on Thursday, with the family taking its total holding in the firm to 25.44%
The Securities and Exchange Board of India (Sebi) on Friday dismissed an application from US-based investor Digvijay 'Danny' Gaekwad (Danny Gaekwad Developments and Investments) who sought permission to make a competing open offer for Religare Enterprises Ltd.
Gaekwad had requested an exemption under the Substantial Acquisition of Shares and Takeovers (SAST) Regulations to propose an offer at ₹275 per share, aiming to acquire 55% of Religare's outstanding share capital. His bid sought to surpass the Burman Group's existing open offer, which was priced at ₹235 per share.
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