It added that the financial services company's market capitalisation has risen to about a billion dollars from under $100 million in March 2018.
Further, they denied the accusations made against REL's entire management and board, which is committed to make the company"debt free" over the next five years.
In a stock exchange statement on Monday, the REL board said that Saluja "categorically denies" that a representative of the Burman family informed her of the proposed open offer during a meeting on September 20. Further, on liquidation of her employee stock options (ESOPs), it said that the process was set in motion several days before the meeting.
"The actual sale of shares that happened on September 21 and 22 was made at the prevalent market price. The share sale proceeds were utilised to further invest in ESOPs of a Religare Group entity," it said, adding that exercising sale of listed stock options requires approvals which span several months before the actual sale.
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