look news india
Religare Enterprises acquisition bid: Gujarati American investor Digvijay Gaikwad has gone up against the Dabur promoter group Burman family in the race to acquire Religare Enterprises. Digvijay Gaikwad will buy 26 percent stake in Religor. 275 bids, this offer cost the Burman family Rs. 235 per share with 17 per cent premium. Gaikwad’s bid is 24 per cent higher than Religor’s 60-day moving average price.
Vadodara-born American entrepreneur Digvijay Gaikwad submitted the bid at a 17 per cent premium over other bidders, the Burmal family, seeing Religor’s growth and bright future in the NBFC sector. They have also expressed concern over Burman’s bid in a filing to SEBI, saying the Burman family underestimated the potential of Religor and bid at a low price. Also, Burman Group has not disclosed the conditional approval of RBI. The RBI approval came as part of Burman Group’s plan to consolidate various NBFCs.
Religor enters NBFC business
Gaikwad wants to enter India’s NBFC business by acquiring 53 percent stake in Religor. He said that till now his group has not invested in any NBFC. Considering the stable and sustainable performance and committed leadership of Religer Enterprises, it intends to initially acquire 26 per cent stake. The latter will acquire up to 53 percent stake.
A successful businessman for three decades
After completing his graduation in Political Science from Maharaja Sayajirao University of Vadodara, Digvijay Gaikwad settled in America. Where he has been famous as a successful businessman for the last three decades in Ocala, Florida. He is the founder of NDS USA, an IT and cloud services company. Also owns various restaurants and hotels. GD Hospitality also operates an investment fund investing in real estate under Danny Gaikwad Development and Investments.