The surprising transfer comes even because the Burmans of Dabur are about to launch their open provide for the Delhi-based firm. Digvijay (Danny) Gaekwad’s provide to accumulate Religare shares at Rs 275 apiece is at a 17% premium to that of the Burmans.
The proposed competing open provide shall be for 26% of the excellent share capital of REL.
“We consider that the Burmans’ open provide worth of Rs 235 per fairness share grossly undervalues the true price of REL and is to the detriment of public shareholders. On the time the provide was made on September 25, 2023, the provide worth was already at a reduction of 15% to REL’s prevailing market worth of roughly Rs 271 per share,” Gaekwad mentioned in a letter to Sebi chairperson Madhabi Puri Buch. “Even contemplating the closing worth of REL shares on January 22, 2025, the Burmans’ provide worth is at a steep low cost of seven%.”
‘Do not Have any Different NBFC’He added that the Burmans’ provide is silent on how they suggest to adjust to the RBI-mandated situation on consolidation of NBFCs inside Religare and Burman teams, and the impression on REL shareholders.”I consider that the enterprise of REL is strong and can do even higher with a secure and dedicated promoter/investor that is ready to present sufficient capital and undivided consideration to the enterprise. In contrast to the Burmans, we would not have some other NBFC in our group and can be capable of present our undivided consideration, and infuse capital within the enterprise,” Gaekwad had mentioned in a letter dated January 24.
