By Aditya Kalra

NEW DELHI (Reuters) – India Religious Businesses (NSE: ) said a US trader had made an offer to acquire a 26% stake in it, the latest twist in the fight for control of the financial services company that rejected another bid as too low. price.

The Indian billionaire Burman family, which founded and controls the consumer goods conglomerate Dabur in India (NSE: ), raised its stake in Religare to around 25% in September 2023, triggering a so-called open offer to buy more shares.

Through the open offer process, which begins on January 27, the Burmans plan to buy an additional 26% in Religare to strengthen their presence in India’s fast-growing financial services sector, but the Religare’s independent director flagged this week the offer price at 235 rupees per share too low.

In a stock exchange disclosure on Friday, Religare shared a letter from the company’s US entrepreneur Digvijay “Danny” Gaekwad seeking permission from India’s market regulator SEBI to make an open offer. of 275 rupees per share for the Indian company, a 17% premium over the current offer.

A representative of the Burman family, Mohit Burman, and market regulator SEBI did not immediately respond to requests for comment on Saturday. Florida-based Gaekwad did not immediately respond to a Reuters email seeking comment outside normal US business hours.

Religare shares closed at 249.40 rupees on Friday, giving it a market value of 81.83 billion rupees ($949.30 million).

The Burmans, if they win control of Religare, will find themselves fighting against other Indian billionaire families in the financial services business, including Mukesh Ambani’s Jio Financial Services and family-controlled. Bajaj Finance (NSE:).

But Religare’s bid in Burman faces regulatory and legal challenges.

Earlier this week, Religare revealed that a minority shareholder had approached the Delhi High Court, seeking to stop Burmans’ open bid.

The legal papers show that the shareholder holds 500 shares of Religare, and the court on Tuesday issued a notice to the Burmans and SEBI and said that any subsequent action – such as an open offer – “may be subject to the outcome” of the lawsuit.

($1 = 86.2000 Indian rupees)