Gaekwad competing offer: Gaekwad submits fresh plea on competing offer to that of Burmans for Religare
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Mumbai: Florida-based businessman Digvijay Laxmansinh Gaekwad has once again submitted a fresh application to market regulator Sebi to submit a competing offer that he wants to run parallel to the Burmans' ongoing open offer in Religare Enterprises (REL). Sebi had earlier returned Gaekwad's application, citing non-compliance with its regulations. Gaekwad said he is ready to establish an escrow arrangement upon Sebi's approval and sought necessary approval from the Reserve Bank of India. He has also appointed PL Capital Markets as the merchant banker for this bid. During the hearing last week, senior counsel Aryama Sundaram, representing Rao, suggested Gaekwad was preparing to file a fresh exemption request. "Senior counsel Aryama Sundaram's statement hints at collusion between Gaekwad and Rao to block Burmans' open offer at any cost," said Shriram Subramanian, managing director, InGovern Research Services, a ...