By Aditya Kalra
New Delhi (Reuters) – India Religar companies (NSE 🙂 said that an American businessman had proposed to acquire a 26% participation in the company, the last twist in the battle for the control of the financial services company which rejected another offer deemed too much low.
The Indian billionaire family Burman, who founded and controls the conglomerate of consumer goods Dabur India (NSE :), brought its participation in Religare to almost 25 % in September 2023, triggering an offer called open purchase of additional shares.
As part of the open supply process, which will start on January 27, the Burmese plan to buy around 26 % additional religare in order to strengthen their presence in the Indian sector of rapidly growing financial services, but independent directors of Religare The price of the offer of 235 rupees per person reported this week. The share was too weak.
In a stock market disclosure Friday evening, Religare shared a letter from the company from the American entrepreneur Digvijay “Danny” Gaekwad requesting the authorization of the regulator of the Indian market sebi to make an open offer of 275 rupees per share for the Indian company, A premium of 17% compared to the current offer.
A representative of the Burmese family, Mohit Burman, and the SEBI market regulator did not immediately respond to requests for comments on Saturday. Gaekwad, based in Florida, did not immediately respond to a Reuters email requesting comments outside normal office hours in the United States.
The Religare action closed on Friday at 249.40 rupees, which gives it a market value of 81.83 billion rupees (949.30 million dollars).
Burmese, if they take control of Religare, will be faced with other Indian billionaire families in the financial services sector, notably Jio Financial Services of Mukesh Ambani and the family controlled by the family. Bajaj Finance (Nse :).
But the Burmese candidacy of Religare has come up against regulatory and legal difficulties.
Earlier this week, Religare revealed that a minority shareholder addressed the High Court of Delhi and sought to end the open public purchasing offer of Burmans.
Legal documents show that the shareholder holds 500 Religare shares, and the court on Tuesday published an opinion in Burmans and SEBI and declared that any subsequent action – such as an open offer – “will be subject to the outcome” of the trial.
(1 $ = 86.2000 Indian rupees)
