Danny Gaekwad seeks meeting with PM Modi on Religare acquisition in US: Reports

US based investor Digvijay “Danny” Gaekwad has sought a meeting with Prime Minister Narendra Modi for “open and fair” opportunity to acquire financial services firm Religare Enterprises, as per media reports.

Modi will be in the US on February 12 and 13 to meet President Donald Trump.



Gaekwad, a Republican, has also planned use the American government to help clear his way for acquisition. “I have no choice left but to place my case to the American lawmakers so as to get fair and equitable treatment from the Indian authorities. I am going to raise these questions to Prime Minister Narendra Modi also during his visit to the US. I will apprise him how US investors are treated,” he said in an interview with Fortune India.

Gaekwad said that he would deposit Rs 600 crore by the deadline to acquire the firm, adding that he was thankful to the Supreme Court of India for for giving him an opportunity.


“I am offering Rs 275 a share for Religare while the other offer is Rs 235 a share. The regulator should have given me a fair opportunity but I was made to litigate till the highest court of the land,” Gaekwad said.

“I will deposit Rs 600 crore by the deadline,” he added.

Gaekwad has made the counter offer for Religare Enterprises as he believes the company has huge potential. He is seeking 55 per cent stake in the firm.

The Burmans have made the open offer for Religare after the family acquired a 25 per cent stake in the company. The management, led by Rashmi Saluja, has opposed the Burman offer saying the company should get a better value.

On February 7. the Supreme Court today refused to allow closing of the public open offer given by them to acquire an additional 26% stake in the Delhi-based Religare Enterprises Limited (REL).

The apex court while extending the closing date till February 12, also asked US-based investor Danny Gaekwad to deposit Rs 600 crore in cash/bank guarantee before this time, failing which the open offer will close.