Gaekwad bid for Religare refused, ‘lacks fin proof’

Gaekwad had requested Sebi’s exemption under takeover rules to propose ₹275 a share for Religare, offering a 17% premium to the Burmans’ offer of ₹235. He was obligated to deposit ₹600 crore by Thursday in a Reserve Bank of India-nominated bank account to prove his financial capacity.

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