Friday, July 11, 2025

Creating liberating content

Market movements are expected to be influenced by India-US trade

Bitcoin soared to a fresh all-time high of $116,046.44 on

Related News

Tesla’s entry into India comes at a time when the EV maker is facing reduced sales in Europe and China. (AI image) Elon Musk-led Tesla is set to open its

Market movements are expected to be influenced by India-US trade negotiations and company earnings reports. (AI image) Stock market today: Nifty50 and BSE Sensex, the Indian equity benchmark indices, opened

Bitcoin soared to a fresh all-time high of $116,046.44 on Thursday, driven by strong institutional demand and supportive crypto policies under US President Donald Trump’s administration.Earlier in the day, it

US President Donald Trump announced a 35 per cent tariff on Canadian imports, effective August 1. The decision was conveyed in a letter to Canadian Prime Minister Mark Carney on

A strong family is not built with birthday parties, weekend outings, or perfectly filtered photographs. It is built with truth, trust, shared effort, and a deep understanding of what really

Italian candy maker Ferrero has agreed to acquire American cereal giant WK Kellogg in a deal valued at $3.1 billion, the companies announced Thursday. The transaction includes the manufacturing, marketing

Trending News

Tesla’s entry into India comes at a time when the EV maker is facing reduced sales in Europe and China. (AI image) Elon Musk-led Tesla is set to open its

Market movements are expected to be influenced by India-US trade negotiations and company earnings reports. (AI image) Stock market today: Nifty50 and BSE Sensex, the Indian equity benchmark indices, opened

US President Donald Trump announced a 35 per cent tariff on Canadian imports, effective August 1. The decision was conveyed in a letter to Canadian Prime Minister Mark Carney on

NEW DELHI: The UK has joined Eutelsat’s 1.5 billion euro (nearly $1.8 billion) capital raise, where Bharti Space is committing 150 million euro ($176 million), in a move that arms

Bengaluru: TCS marked its first year-on-year decline in constant currency since the Sept quarter of FY21, with lacklustre performance attributed to weak macroeconomic conditions, cautious client sentiment, delayed decision-making, and

NEW DELHI: National Highways Authority of India (NHAI) plans to bid out 124 highways and expressway projects worth Rs 3.4 lakh crore in current financial year (2025-26). NHAI has put

Sebi rejects offer of Gaekwad to buy stake in Religare

Word Count: 599 | Estimated Reading Time: 3 minutes


Sebi rejects offer of Gaekwad to buy stake in Religare

MUMBAI: In a setback to Digvijay Gaekwad‘s plans to make a competing offer for Religare Enterprises, the Securities and Exchange Board of India (Sebi) rejected his application on Friday, citing a lack of proof of financial resources and terming the application as frivolous.
In his application, Gaekwad, who is a Florida-based investor, had requested Sebi’s exemption from strict enforcement of regulation 20 of takeover rules by allowing him to make a competing offer to acquire 55% of Religare at Rs 275 per share.
Sebi said Gaekwad had “failed to demonstrate his ability to meet the financial obligation for making the competing open offer”. It also noted Gaekwad’s non-compliance with the Supreme Court order, stating that he had “failed to deposit Rs 600 crore, as directed by the Supreme Court, which would have shown his commitment towards making the offer”. The rejection of Gaekwad’s application removes a hurdle for the Burmans, the largest shareholders of Religare, who have been attempting to gain control of the company.
“In the absence of adequate proof of financial resources required for making the offer, the application does not appear to be bonafide,” Sebi said. It deemed the application frivolous and aimed at hindering the open offer process of the Burmans. As a result, it disposed of the application filed by Gaekwad. Friday’s order follows Religare’s announcement on the departure of its chairperson Rashmi Saluja from the company.
Shareholders had voted against her reappointment, resulting in the termination of her directorship.
The Burmans had made an open offer for an additional 26% stake in Religare at Rs 235 per share, but they only managed to acquire 0.26% in the open offer that closed on Thursday.





Source link

Sign In

Welcome ! Log into Your Account