Florida investor makes counter-offer for Religare Enterprises
Religare Enterprises (REL).
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The unexpected move comes even as the Burmans of Dabur are about to launch their open offer for the Delhi-based company. Digvijay (Danny) Gaekwad's offer to acquire Religare shares at Rs 275 apiece is at a 17% premium to that of the Burmans.
The proposed competing open offer will be for 26% of the outstanding share capital of REL.
«We believe that the Burmans' open offer price of Rs 235 per equity share grossly undervalues the real worth of REL and is to the detriment of public shareholders. At the time the offer was made on September 25, 2023, the offer price was already at a discount of 15% to REL's prevailing market price of approximately Rs 271 per share,» Gaekwad said in a letter to Sebi chairperson Madhabi Puri Buch. «Even considering the closing price of REL shares on January 22, 2025, the Burmans' offer price is at a steep discount of 7%.»
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