Sebi rejects Digvijay Gaekwad's plea for Religare Enterprises open offer

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Sebi rejects Digvijay Gaekwad's plea for Religare Enterprises open offer - Business Standard

Quick Summary:

The Burman group further argued that the letter lacked substance, bona fides, offered no indication of any source of funds, and was intended to mislead the public shareholders of REL.

Earlier, independent directors of REL had also urged shareholders to consider the low offer price by the Burman family.

Sources said Gaekwad’s offer did not stand ground with Sebi as it did not fall within the stipulated timelines and failed to follow the required process, including appointing investment bankers.