Author of Aditya Kalra
New Delhi (Reuters) – Indian company Religare Enterprises announced that the US businessman made a proposal to take over 26% of the stake in it, which is the latest turn in the fight for control of the financial services company that rejected another offer because it was too low.
The Burman billionaire family, which founded and controlled the conglomerate of a wide consumption of Dabur India, increased its share in Religare at almost 25% in September 2023, which launched a so -called open offer to buy additional shares.
Through the open offering process, which begins on January 27, Burmans plan to buy another 26% of religions to strengthen their presence in the fast -growing sector of financial services in India, but independent Religare directors marked the price of 235 rupees this week was Prenazak .
In the Stock Exchange’s post late Friday, religious shared a letter from American entrepreneur Digviaya “Danny” Gaekwada, which requires permission from the Indian market regulator to give an open offer of 275 rupees per section for Indian company, 17% of the premium compared to the current offer.
The Burman family representative, Mohit Burman, and the market regulator did not immediately respond to the comment on the comment on Saturday. Gaekwad based in Florida did not immediately respond to Reuters’ e-mail in which he asked for a comment outside the usual working hours in the US.
Religare’s shares were closed on Friday at 249.40 Rupees, which gives it a market value of 81.83 billion rupees ($ 949.30 million).
If Burmans win control over Religare, they will find themselves in conflict with other Indian families billionaires in business services business, including JIO Financial Services Mukesha Ambanish and Bajaj Finance under family control.
But the Burmese offer for religious has faced regulatory and legal challenges.
Earlier this week, religious revealed that the minority shareholder had addressed the High Court in Delhi and wanted to stop Burmans’ open offer.
Legal documents show that the shareholder holds 500 shares in Religare, and the court issued a notice to the Burmese on Tuesday and said that each subsequent action – like an open offer – “be subject to the outcome of” the lawsuit.
(1 $ = 86.2000 Indian rupees)
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