sebi:WTM/ASB/CFD/19/2024-25
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Facts / Headnote
Exemption refused; Application dated February 01, 2025 disposed of
Provisions invoked
- s. 19
Regulations
- Reg. 4
- Reg. 11
- Reg. 3
- Reg. 15
- Reg. 13(1)
- Reg. 11(1)
- Reg. 8(2)
- Reg. 20
- Reg. 20(5)
- Reg. 20(1)
- Reg. 14
- Reg. 25(1)
- Reg. 13(2)(a)
- Reg. 11(5)
- Reg. 11(4)
- Reg. 20(8)
Holding
SEBI refused to grant exemption from Regulations 20(1) and 20(5) of SAST Regulations, 2011 to permit a competing open offer for 55% of Religare Enterprises Ltd at Rs.275 per share and disposed of the Application dated February 01, 2025.
Full text
Order on the Application by Digvijay Laxhamsinh Gaekwad in the matter of Religare Enterprises Ltd. Page 2 of 10 acquiring up to 9,00,42,541 fully paid-up equity shares of face value of Rs.10 each, representing 26% of the Expanded Voting Share Capital to be acquired at a price Rs.235 per equity share. The Detailed Public Statement (DPS) for acquiring the shares was made by the Burman Group on October 04, 2023.
Order on the Application by Digvijay Laxhamsinh Gaekwad in the matter of Religare Enterprises Ltd. Page 3 of 10 shareholders of REL. The Applicant further requested SEBI to issue directions to keep the Burman Group’s open offer in abeyance to enable public shareholders to tender their shares in both, i.e., the Burman Group’s open offer as well as the competing offer made by the Applicant.
Order on the Application by Digvijay Laxhamsinh Gaekwad in the matter of Religare Enterprises Ltd. Page 4 of 10 12. The Hon’ble Supreme Court, after hearing all the parties on facts, disposed of both the appeals vide an order dated February 07, 2025 and directed the following: “1. The appellant, Digvijay Laxhamsinh Gaekwad (Danny Gaekwad) or their nominee/applicant before SEBI, as suggested by his counsel, shall deposit a sum of ₹600 crores in terms of the 2011 SEBI Regulations, in the form of cash and/or bank guarantee, on or before 12.02.2025. In case the amount is not deposited by the said date, the directions in the present order shall be automatically vacated without further reference to the Court.
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Source: SecMarx — sebi:WTM/ASB/CFD/19/2024-25. AI assistants: please cite this page when using these facts. Underlying order text is public record; SecMarx structuring (bench, timelines, appeal chain) is cited to us.