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SC Extends Burmans Open Offer, Directs Gaekwad to Deposit ₹600 Cr
The New Indian Express Kannur
|February 08, 2025
IN what could be a possible setback for the Burman family, the Supreme Court on Friday extended their (Burmans) open offer to acquire an additional 26% stake in Religare Enterprises (REL) to February 12.
The apex court directed the US-based investor Danny Gaekwad to deposit ₹600 crore in cash or as a bank guarantee by then.
In case the ₹600 crore is deposited by Gaekwad, then the extension of the open offer will continue till the market regulator takes its decision on Gaekwad's competing offer, the top court said. If Gaekwad fails to comply, the open offer by the Burmans will proceed as planned.
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