Sebi said that Gaekwad’s exemption application was not in conformation with the Sebi regulations.
“The letters submitted by Mr. Digvijay Laxmansinh Gaekwad are being returned since the same is not an exemption application in terms of Regulation 11 of SEBI (SAST) Regulations, 2011,” Religare Enterprises said in an exchange filing on Tuesday.
On Sunday, January 26, Religare had informed the exchanges about Gaekwad writing to Sebi seeking its permission to submit a competing open offer for the equity shares of REL under Regulation 20 of the Securities and Exchange Board of India (Substantial Acquisition of Shares and Takeovers) Regulations, 2011.
In the letter, he had proposed to buy 55% stake of REL.
Also Read: Budget 2025: Auto stocks down by up to 40% from 52-week peak. Can these 3 grants by FM Sitharaman turn things around?Citing sources, ET had in December reported that the market regulator had approved the Burman family‘s proposed open offer to acquire an additional 26% stake in New Delhi-based Religare Enterprises (REL). The promoter family of Dabur has already secured Reserve Bank of India (RBI) nod.Read More: Burmans’ Religare open offer to acquire additional stake gets Sebi nod
Prior to the open offer by the Burman family, they were already the biggest shareholders in Religare with 25.1% holding.
The Burman family had made an open offer to buy REL shares at a price of Rs 235 per share through certain entities namely M.B. Finmart Private Limited, Puran Associates Private Limited, VIC Enterprises Private Limited, and Milky Investment & Trading Company. Together they are known as the acquirer entities.
Following the open offer, the Burman family’s stake in REL will be 53.94%.
