New Update
/connect-gujarat-english/media/media_files/2025/01/25/H10SXNOD4xjD8J3iMHa4.jpeg)
Florida-based businessman Danny Gaekwad has made a counter offer in cash for Religare Enterprises at Rs 275 a share against Rs 235 apiece made by the Burmans of the Dabur group.
The offer was made in a letter addressed to the Chairperson of Securities and Exchange Board of India (Sebi), Religare told the stock exchange.
The letter, written by Danny Gaekwad Developments & Investments Florida, said its offer of Rs 275 per equity share represents a 17 per cent premium to the open offer price offered by the Burmans and a 24 per cent premium to the 60-day volume weighted average price of REL’s shares calculated with a reference date of September 22, 2023 of Rs 221.
On Wednesday, the independent directors of Religare Enterprises had urged shareholders to take into account the low offer price of Rs 235 per share in the open offer made by the Burman family, which is attempting to acquire control of the company.
They also raised concerns about the conditional approval granted by the Reserve Bank of India (RBI) for the offer.
The Burman family, owners of the Dabur Group, had made the offer price based on SEBI regulations after they acquired around 25 per cent stake from the market. The Burmans open offer slated to open on Monday.