In a setback to the Burman family, the Supreme Court today refused to allow closing of the public open offer given by them to acquire an additional 26% stake in the Delhi-based Religare Enterprises Limited (REL). The apex court while extending the closing date till February 12, also asked US-based investor Danny Gaekwad to deposit Rs 600 crore in cash/bank guarantee before this time, failing which the open offer will close.
The SC was hearing a couple of pleas filed - one by the Florida-b …
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This one is going to be a longer drawn out affair. If the 600 Cr deposit is made & SC accepts it, then game ON for a bidding war.