New Delhi, Jan. 27 -- A day before curtains rise on the Burman family's open offer for Religare Enterprises Ltd, Indian-American businessman Digvijay Danny Gaekwad sought to expand his counter-offer for the financial conglomerate; however, the late entry may not pass regulatory muster, said two people close to decision-making at the Securities and Exchange Board of India (Sebi), and three experts in securities law.

Gaekwad, who wrote to Sebi chair Madhabi Puri Buch on Friday for permission to launch an open offer for 26% in Religare on Sunday revised his offer to at least 55%. At Rs.275 a share, Gaekwad's competing offer is 17% more than the Burmans' offer of Rs.235, and will involve investment of Rs.5,000crore. On Friday, Religare share...