Sebi returns Digvijay Gaekwad's letter seeking permission for competing offer for Religare Enterprises
Sebi) has returned a letter from US based investors Digvijay Laxmansinh Gaekwad and Danny Gaekwad Developments & Investments, Florida which sought the market regulator's approval to submit a competing open offer for equity shares of Religare Enterprises Limited.
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.
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