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Home»Finance»India’s Religare says US businessman makes competing offer for stake
Finance

India’s Religare says US businessman makes competing offer for stake

January 26, 2025No Comments2 Mins Read
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India's Religare says US businessman makes competing offer for stake
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By Aditya Kalra

NEW DELHI (Reuters) – India’s Religare Enterprises mentioned a U.S. businessman has made a proposal to accumulate a 26% stake in it, the newest twist within the battle for management of the monetary providers firm which has rejected one other bid as being priced too low.

The Indian billionaire Burman household, which has based and controls client items conglomerate Dabur India, raised its stake in Religare to just about 25% in September 2023, triggering a so-called open provide to purchase extra shares.

By the open provide course of, which begins on Jan. 27, the Burmans plan to purchase round 26% extra of Religare to bolster their presence in India’s quickly rising monetary providers sector, however Religare’s impartial administrators flagged this week the provide worth of 235 rupees per share was too low.

In a inventory trade disclosure late on Friday, Religare shared a letter from U.S. entrepreneur Digvijay “Danny” Gaekwad’s agency requesting permission from Indian market regulator SEBI to make an open provide of 275 rupees per share for the Indian firm, a 17% premium to the present provide.

A consultant of the Burman household, Mohit Burman, and the market regulator SEBI didn’t instantly reply to requests for touch upon Saturday. Florida-based Gaekwad didn’t instantly reply to a Reuters’ electronic mail looking for remark outdoors of regular U.S. enterprise hours.

Religare shares closed at 249.40 rupees on Friday, giving it a market worth of 81.83 billion rupees ($949.30 million).

The Burmans, in the event that they win management of Religare, will discover themselves pitted towards different Indian billionaire households within the monetary providers enterprise, together with Mukesh Ambani’s Jio Monetary Companies and family-controlled Bajaj Finance.

However the Burmans’ Religare bid has confronted regulatory and authorized challenges.

Earlier this week, Religare disclosed {that a} minority shareholder had approached the Delhi Excessive Courtroom, and was looking for to cease Burmans’ open provide bid.

Authorized papers present that the shareholder holds 500 shares in Religare, and the court docket on Tuesday issued a discover to Burmans and SEBI and mentioned any subsequent motion – equivalent to an open provide – “shall be topic to the result” of the lawsuit.

($1 = 86.2000 Indian rupees)

(Reporting by Aditya Kalra and Siddhi Nayak; Enhancing by Muralikumar Anantharaman)

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Businessman competing Indias offer Religare stake
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