Sebi rejects Danny Gaekwad's counter-offer for Religare
Sebi) late Tuesday returned a letter by US-based Digvijay Laxmansinh Gaekwad, that had sought the regulator's permission to make a counteroffer to buy a stake in Religare Enterprises.
Separately, two independent directors of Religare Enterprises questioned the company's decision to publish the letter written by Gaekwad to the capital markets regulator without verifying the sender's identity or signature, sources told ET.
«The letters submitted by Mr. Digvijay Laxmansinh Gaekwad are being returned since the same are not an exemption application in terms of Regulation 11 of SEBI (SAST) Regulations, 2011,» said Sebi's communication to Religare dated January 28. Religare made the disclosure on the receipt of the Sebi communication to the exchanges late Tuesday.
Florida-based Digvijay (Danny) Gaekwad, in an email to Sebi, offered to buy shares from public shareholders at ₹275 apiece, topping the Burman family's offer price of ₹235. The open offer by Burman-owned entities, the biggest shareholders of Religare, opened on January 27.
The two independent directors on Religare's board, Praveen Tripathi and Malay K Sinha, in separate emails to the company, blamed Religare's company secretary Vinay Gupta for not exercising due diligence before making such disclosures.
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