Indian Religare says that the US businessman gives a competitive bid for a share by Reuters

Aditya Kalra

New Delhi (Reuters) – India Religion companies (NSE 🙂 He said that the US businessman made a proposal to acquire a 26% stake in it, the latest turn in the battle for control of the Financial Services Company that rejected another offer because the price is too low.

The family of Indian billionaire Burman, who founded and controlled the conglomerate of wide consumption goods Dabur India (NSE :), increased its share of religious to almost 25% in September 2023, which launched an open open offer to buy multiple shares.

Through the open offering procedure, which begins on January 27, Burmani plans to buy about 26% more religiore to strengthen their presence in the Indian Sector of Financial Services quickly growing, but religious independent directors have marked the price of 235 rupees per hole in this week. The hole per hole of 235 rupees each was too low.

In the publication of the stock market late on Friday, Religare shared a letter from the US Digviaya entrepreneur Dygny’s “Gaekwad company that sought a license from the Indian market regulator to provide an open offer of 275 rupees per section for an Indian company, 17% premium current offer.

The Burman family representative, Mohit Burman and the market regulator did not immediately respond to the comments on Saturday. Gaekwad based in Florida did not immediately respond to Reuters email seeking a comment outside the usual American working time.

Religors’ shares closed to 249.40 rupees on Friday, giving it a market value of 81.83 billion Rupi ($ 949.30 million).

Burmani, if refuting control over religious, will find themselves against other Indian billionaire families in business services business, including JIO Financial Services Mukesh Ambani and under family control Bajaj finance (Nse :).

But the offer of Religiore Burmana has faced regulatory and legal challenges.

Earlier this week, religious revealed that the minority shareholder approached the High Court in Delhi and that he sought to stop an offer for the open bastard offer.

Legal works show that the shareholder owns 500 shares in Religare, and the court on Tuesday issued a notice to Burmani and himself -Ii that any subsequent measure – like an open offer – “subject to the outcome of” lawsuits.

($ 1 = 86.2000 Indian rupees)