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SEBI Discards Danny Gaekwad Developments’ Offer To Acquire Stake In Religare
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SEBI Discards Danny Gaekwad Developments’ Offer To Acquire Stake In Religare
It was turned down for non-compliance with regulatory norms
The Securities and Exchange Board of India (SEBI) has rejected the competing open offer made by the US-based entity Danny Gaekwad Developments & Investments (DGDI) for acquiring a stake in the NBFC firm Religare Enterprises Ltd,
The capital market regulator held, "The letters submitted by Digvijay Laxmansinh Gaekwad are being returned since the same is not an exemption application in terms of Regulation 11 of SEBI (SAST) Regulations, 2011."
Burman’s Religare said the regulator referred to the 25 January 2025 email, forwarding a 24 January letter from Digvijay Laxhamsinh Gaekwad, DGDI, Florida.
DGDI had proposed to pick up a 26 percent stake in the financial services firm at a higher price than offered by four entities - Finmart Private Ltd, Puran Associates Private Ltd, VIC Enterprises Private Ltd, and Milky Investment & Trading Company, promoted by the Burman family.
Claiming to be a globally-recognized investor, Digvijay offered to pay a 17 percent higher price of Rs,275 per share of Religare as against the price bid of Rs.235 per equity.
Following the regulatory approvals, Religare’s offer to acquire an additional 26 percent stake from the open market commenced on 27 January. It was to acquire up to 9,00,42,541 fully paid-up equity shares of the face value of Rs.10 each of the expanded voting share capital from the public shareholders. Thus, Burmans’ stake would rise to 53.94 percent.
Recently, the Reserve Bank of India (RBI) approved the open offer of the Burman family, the promoters of FMCG major Dabur India, to acquire an additional 26 percent stake in Religare. Thus, as of 30 September 2024, Burmans and its four entities collectively own a 25.12 percent stake.
In September 2023, the Burman family, a promoter of Dabur and entities including Eveready Industries, announced a Rs.2,116-crore open offer to Religare shareholders to acquire up to 26 percent stake in the company.
Soon after the bid, the Burmans complained to SEBI about violation of insider trading rules by the chairperson and her appointing the board of her choice. But the independent directors of Religare contested the claim.
They raised red flags alleging fraud and other breaches by the Burman family entities and approached the regulators, including SEBI, the RBI, and the Insurance Regulatory and Development Authority.
- #Securities and Exchange Board of India
- #Danny Gaekwad Developments & Investments
- #Religare Enterprises Ltd
- #Reserve Bank of India
- #Digvijay Laxhamsinh Gaekwad
- #Dabur India
- #Securities and Exchange Board of India’s (Substantial Acquisition of Shares and Takeovers) Regulations
- #Burman
- #Insurance Regulatory and Development Authority