Religare Enterprises Limited (REL) disclosed that it has received a formal letter from M/s. Danny Gaekwad Developments & Investments Florida, addressed to the Chairperson of the Securities and Exchange Board of India (SEBI). The letter pertains to a competing offer under SEBI regulations, aligning with the ongoing framework for substantial acquisition of shares and takeovers.
The announcement was made through a regulatory filing to both the National Stock Exchange (NSE) and BSE Limited, as part of compliance with Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, and SEBI’s Substantial Acquisition of Shares and Takeovers (SAST) Regulations, 2011.
The details of this competing offer and its implications for REL’s ongoing business operations have not been disclosed in the initial filing. REL’s management stated that the letter from the Florida-based firm would be reviewed, and appropriate actions will be taken in accordance with regulatory requirements.
