{"id":77836,"date":"2024-06-21T06:37:12","date_gmt":"2024-06-21T06:37:12","guid":{"rendered":"https:\/\/news.talkwithrattan.com\/index.php\/2024\/06\/21\/religares-shares-rise-after-sebis-open-offer-call-times-of-india\/"},"modified":"2024-06-21T06:37:12","modified_gmt":"2024-06-21T06:37:12","slug":"religares-shares-rise-after-sebis-open-offer-call-times-of-india","status":"publish","type":"post","link":"https:\/\/news.talkwithrattan.com\/index.php\/2024\/06\/21\/religares-shares-rise-after-sebis-open-offer-call-times-of-india\/","title":{"rendered":"Religare’s shares rise after Sebi’s open offer call – Times of India"},"content":{"rendered":"
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MUMBAI: Shares of Religare Enterprises rose by over 4% following a directive from Sebi instructing the company and its board to facilitate an open offer by Dabur’s promoters, the Burman group. Additionally, Sebi pulled up REL and its board, chaired by Rashmi Saluja, for obstructing the open offer and directed the management to seek necessary permissions from relevant regulators.
The Burman group – which held 21.5% of REL shares before their public announcement on Sept 25, 2023 – sought to increase their stake by placing orders to purchase up to 5.2% of REL’s equity share capital at a price not exceeding Rs 235 per share. They also made an open offer to acquire 26% of the expanded voting share capital of REL at the same price.
However, REL raised objections with Sebi, arguing that the Burman group was not fit and proper to acquire shares in the company. Sebi provided REL with multiple opportunities to substantiate its claims. The Burman group lodged counter complaints with Sebi, alleging that REL’s lack of cooperation hindered their access to necessary information for regulatory approval.
Subsequently, REL escalated the issue by filing a writ petition with the Delhi high court, requesting Sebi to conduct a forensic investigation based on their submissions. <\/p>\n<\/div>\n