
Florida Businessman Challenges Dabur Group, Makes Counteroffer for Religare
Photo: dannygaekwad.com
India-West News Desk
OCALA, FL – Florida-based businessman Danny Gaekwad has made a counteroffer to acquire a stake in Religare Enterprises at Rs 275 per share, significantly higher than the Rs 235 per share offer made by the Burman family of the Dabur Group. Gaekwad’s offer, representing a 17% premium, was made in a letter to the Chairperson of the Securities and Exchange Board of India (SEBI), which was disclosed to the stock exchange by Religare.
The letter, written on behalf of Danny Gaekwad Developments & Investments Florida, media reports said, outlined his proposal to acquire 26% of the outstanding share capital of Religare (REL). Gaekwad emphasized that his offer not only provides a better price for public shareholders but also positions him as a more focused investor. He pointed out that unlike the Burmans, his group does not have any other non-banking financial company (NBFC), which would allow him to direct undivided attention and infuse much-needed capital into the business.
The Burman family, who are the owners of Dabur Group, had initially made their open offer after acquiring around 25% of Religare’s shares from the market, the Business Standard reported. Gaekwad, however, criticized their offer price of Rs 235 per share, arguing that it grossly undervalues the true worth of the company and would disadvantage public shareholders.
Danny Gaekwad, a prominent Florida-based entrepreneur, has built a reputation in various sectors, including IT, real estate, hospitality, and convenience stores. Gaekwad, born in Gujarat, hails from the Gaekwad family, which once ruled the princely state of Baroda.
In addition to his business ventures, Gaekwad is an active fundraiser within the IndianAmerican Republican community and serves on the board of directors of several state and national organizations.
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