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SEBI dismissed the competitive open offer of the US unit Danny Gaikwad Development and Investments for the acquisition of Railgear Enterprises Limited (REL). SEBI said that this offer does not meet the necessary rules. SEBI said that the letters of Digvijay Laxman Singh Gaikwad are being returned
New Delhi. Capital market regulator SEBI rejected the competitive open offer of American unit Danny Gaikwad Development and Investments for the acquisition of Railgear Enterprises Limited (REL). SEBI said that this offer does not meet the necessary rules. Danny Gaikwad Development and Investments proposed to buy a 26 percent stake in the financial services firm at a higher price than the Burman family offered units promoted by the Burman family.
In a letter to the Chairperson of the Securities and Exchange Board of India (SEBI), Danny Gaikwad Development and Investments requested that he be allowed to make a competitive open offer. SEBI said that the letters of Digvijay Laxman Singh Gaikwad are being returned, as it is not in line with the regulations of SEBI (SAST) Regulations, 2011.
Meanwhile, the Burman Group said in a statement that Gaekwad did not offer any competitive open offer and the group is moving forward with its open offer and has 'trust' of its successful completion. Digvijay Laxman Singh Gaikwad had offered to pay a price of Rs 17 percent more than Rs 275 per share for REL.
Disclaimer: Prabhasakshi has not edited this news. This news has been published from the feed of PTI-language.
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