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Digvijay
Capital markets regulator Sebi on Friday dismissed an application filed by Digvijay Laxhamsinh Gaekwad seeking an exemption to make a competing open offer for a majority stake in Religare Enterprises Ltd (REL). Sebi in an order stated that the price offered by Gaekwad was Rs 275 per share in the proposed open offer which was Rs 40 higher than the Burman Group's offer of Rs 235 per share. The applicant (Danny Gaekwad Developments & Investments, Florida) has failed to demonstrate his ability to meet the financial obligation for making the competing open offer, it stated. The markets watchdog also observed that the "applicant has failed to deposit Rs 600 crore, as directed by the Supreme Court of India vide its order dated February 7, 2025 read with order dated February 12, 2025, which would have shown the applicant's commitment towards making the competing open offer". In the absence of adequate proof of financial resources required for making the competing open offer, the ...