Mumbai, Feb. 15 -- The Securities and Exchange Board of India (Sebi) on Friday dismissed an application from US-based investor Digvijay 'Danny' Gaekwad (Danny Gaekwad Developments and Investments) who sought permission to make a competing open offer for Religare Enterprises Ltd.
Gaekwad had requested an exemption under the Substantial Acquisition of Shares and Takeovers (SAST) Regulations to propose an offer at Rs.275 per share, aiming to acquire 55% of Religare's outstanding share capital.
His bid sought to surpass the Burman Group's existing open offer, which was priced at Rs.235 per share.
On 12 February, the Supreme Court permitted Gaekwad to deposit Rs.600 crore in a Reserve Bank of India (RBI)-designated account by 2pm on 13 Februa...