US Investor Challenges Burman Family's Offer with Higher Bid for Religare
US-based Danny Gaekwad Developments & Investments proposes a 26% stake acquisition in Religare Enterprises at a higher price than Burman family's offer. The Burmans, who intend to increase their stake in REL to 53.94%, face competing interest from Gaekwad, offering Rs 275 per share compared to Rs 235 by Burmans.

- Country:
- India
Ahead of a significant open offer, Religare Enterprises Ltd (REL) is under the spotlight as Danny Gaekwad Developments & Investments, a US-based investor, steps forward. The investor has proposed acquiring a 26% stake at a higher rate than the current offer initiated by the Burman family.
In a formal request to the Securities and Exchange Board of India (Sebi), Danny Gaekwad Developments & Investments seeks the regulator's permission to submit a competing open offer. The move comes after the investor presented a 17% higher bid of Rs 275 per share compared to the Rs 235 per share open offer price by the Burmans.
The Burmans' initial proposal aimed to increase their holdings in REL to 53.94% through an acquisition of 26% of the company's shares. However, the emergence of a competing bid by Gaekwad highlights rising tensions, with allegations of insider trading and governance issues further complicating the unfolding financial narrative.
(With inputs from agencies.)