Religue de India says that American businessman makes competitive offer for participation by Reuters

By Aditya Kalra

New Delhi (Reuters) – India Religate companies (NSE 🙂 He said that an American businessman had made a proposal to acquire a 26%participation, the last turn in the battle for the control of the financial services company that rejected another offer for having a price too low.

The multimillionaire Indian family Burman, who founded and controls a conglomerate of consumer goods. India (NSE :), increased its participation in rare almost 25% in September 2023, which triggered the so -called open offer to buy more shares.

Through the open supply process, which begins on January 27, Burmes plan They pointed out this week the offer price of 235 rupees for participation was too low.

In a dissemination of the Stock Exchange on Friday night, Religare shared a letter from the signature of the American businessman Digvijay “Danny” Gaekwad requesting permission to permission to the Sebi Indian market regulator to make an open offer of 275 rupees per action for the company for the company India, a 17% premium on the current offer.

A representative of the Burman family, Mohit Burman, and the Sebi market regulator did not immediately respond to comments requests on Saturday. Gaekwad, based in Florida, did not immediately respond to a Reuters email for comments outside normal business hours in the United States.

Religare shares closed on Friday to 249.40 rupees, which gives it a market value of 81,830 million rupees (949.30 million dollars).

The Burmes, if they obtain the control of Religare, will be faced with other Indian multimillionaire families in the financial services business, including Jio Financial Services of Mikesh Ambani and the family business Bajaj finance (NSE :).

But the candidacy of the Burmese to Religare has faced regulatory and legal challenges.

Earlier this week, Religare revealed that a minority shareholder had approached the Superior Court of Delhi and sought to stop Burmans’s open offer.

Legal documents show that the shareholder has 500 shares in Religare, and the court issued a notice to Burmans and Sebi and said that any subsequent action, as an open offer, “will be subject to the result” of the lawsuit.

(1 dollar = 86,2000 Indian rupees)