Competing open offer @ 275
https://www.bseindia.com/xml-data/corpfiling/AttachLive/d7b5b24b-a9e6-4cba-b2db-5f816d4f1748.pdf
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Who is this guy Danny?
Website of Danny Gaekwad just points to an individual with lot of focus on brand building.
Any record of this person meeting the āfit and properā criteria the Burmans had to undergo to get approval for the Open Offer?
Might just be a case of delaying tactics, i suspect.
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Yes, fully agree there are only delaying tactics. This all doing by Rashmi Saluja, she doesnāt want to lose her job. First using the board of Religare Enterprises (REL) opposing the Burman familyās takeover, then Mahadev betting app case & fake FIR, then Madhya Pradesh High Court unwanted PIL for blocking Religareās AGM & RBI approval. all done by Rashmi Saluja. She is making so much money via ESPO and her big salary; she does not want to lose that easily. Once Burmanās takeover is done, they will kick her out.
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Sebi rejects Danny Gaekwadās offer for stake amid Religare vs Burmans saga
Seems its thrown out. Lets see next step, maybe they will take this to SAT/SC 
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Not just her, the entire board is looking at the end of the careerā¦ā¦Hence, trying to hang as long as possible and making as much as possible.
This is getting ridiculous.
"Takeover twist: Now, Rashmi Saluja sues Religare Enterprises
The lawsuit, perhaps one of the the first of its kind, seeks to block the annual general meeting on 7 February at which shareholders will vote on Saluja continuing as Religare chairperson."
Alt link to the full Mint story: https://archive.is/cyhFd
Ok. This is ridiculous.
Leads to possibilities of underhanded doings in the company which she dosent want to come out.
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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 ā¦
Read more at:
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.
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Have they stayed AGM ?
If not, end is near.
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Gaekwad said he is thankful to the Supreme Court of India for giving him an opportunity to deposit ā¹650 crore to acquire Religare.
Gaekwad said
I am offering ā¹275 a share for Religare while the other offer is ā¹235 a share. The regulator should have given me a fair opportunity but I was made to litigate till the highest court of the land,ā Gaekwad said. āI will deposit ā¹600 crore by the deadline,ā
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She is trying desperately hard to remain in power, But I feel this will not end good for her own career. This is now her seventh legal attempt to stall the Burmans takeover process.
Sources indicated that Gaekwad may not move forward with the deposit 600cr. today, but he may request SC for an extended timeline. On the other hand, the ongoing Burmans open offer so far has only received bids for just 13,517 shares, 0.02 percent of the offer sizeā¦ (Many new things I am leaning here by following this corporate takeover battle.). 
Lets see.
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She is desperately forum shopping and if my understanding is right, is in contempt of high court which declined AGM agenda change.
IMHO, SC is erring in not taking the whole picture in view and played into her hands.
But MILORDS r above everything.
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Yes you are absolutely right
Yesterday, Delhi HC refused to hear a fresh plea by Rashmi Saluja seeking to block the Burmansā open offer.
Upreme Court extends deadline for Danny Gaekwad to deposit ā¹600 crore. On Wednesday, on Wednesday granted Danny Gaekwad an extension until 2:00 PM on February 13 to deposit ā¹600 crore to demonstrate his bona fides for the competing offer to acquire Religare Enterprises Limited (REL).
If some want to learn more about how the countryās legal system is abused by Religareās Rashmi Saluja for the name of minority shareholders. From police complaints, lower courts, and the SAT to the Supreme Court, every forum available has witnessed the Religare takeover battle. The courts must would have to first point fingers at the countryās legal system, the practice of simply ordering stays by courts on events like AGMs without hearing the affected parties, as happened in the Religare case, must stop in India to become an investor-friendly country.
This article
Religare takeover battle_ Courts must trust regulatorsā wisdom _ Mint.pdf (1.6 MB)
by mint is a good read.
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As per news reports and my expectation, 600 cr did not materialise.
The MILORDS who were thumping chest without any application of minds should introspect. And if have any dignity left, should impose heavy penalty for wasting courtās precious time and resources.
But that is too much to expect perhaps.
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SEBI had passed a order today on Danny Gaekwadās offer, not fit to grant any exemptions for the offer. Anything more to go for? any trip to the SC?
Control of Religare passes over to the Burmanās. However Open offer has not succeeded with tender of only 4% additional shareholding. Thus they now have approximately 25% shareholding.
Sub: Intimation of Change in Control of the Target Company
ET suggests that they may infuse 2000 crores earmarked for open offers into preferential shares.
It looks interesting at this point. CMP is lower than the open offer price.
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So what kind of value add are the Burmans going to bring?
It already looks like the company is doing quite well. 20%+ sales growth in last 3 FYs and 9MFY25 sales growth also tracking at 20%+ so far.
Borrowings are pretty much gone in FY23 and they appear to be paying down the debt even further so the capital infusion wonāt reduce their interest payments significantly.
The whole fight doesnāt seem to have affected the stock price much, all its ratios are stratospheric.
What is the growth driver that the Burmans bring? To me, it looks like they are inheriting a company that has already turned the corner.
Simple note on Religare: that was on 29th Dec 2024. I have a position in Religare Enterprises, 10% of my PF, My purchase price average is low, and my views may be biassed.
Simple Notes on Religare .pdf (348.4 KB)
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