Religare says the RBI has rejected Burman family's open offer bid, but the Burmans clarify that the central bank has asked the board to make the necessary applications to the banking regulator
On Monday, Religare Enterprises notified stock exchanges that the Reserve Bank of India (RBI) has rejected the Burman family’s open offer proposal for acquiring majority stake in the Mumbai-based financial services company.
In its notification to the exchanges, Religare added: “With reference to application dated November 30, 2023, submitted through counsel TT&A, it is to convey that the request cannot be acceded to as application for prior permission for acquiring control and/or change in management has to be submitted by the NBFC in which change in management and control is taking place.”