Sebi rejects Digvijay Gaekwad's application seeking open offer in Religare

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Sebi rejects Digvijay Gaekwad's application seeking open offer in Religare - Business Standard

Quick Summary:

The markets watchdog also observed that the "applicant has failed to deposit Rs 600 crore, as directed by the Supreme Court of India vide its order dated February 7, 2025 read with order dated February 12, 2025, which would have shown the applicant's commitment towards making the competing open offer".

The applicant (Danny Gaekwad Developments & Investments, Florida) has failed to demonstrate his ability to meet the financial obligation for making the competing open offer, it stated.

Capital markets regulator Sebi on Friday dismissed an application filed by Digvijay Laxhamsinh Gaekwad seeking an exemption to make a competing open offer for a majority stake in Religare Enterprises Ltd (REL).