This comes as a blow to the REL management led by chairperson Rashmi Saluja.
REL will have to apply with the Reserve Bank of India (RBI), Insurance Regulatory and Development Authority of India (Irdai) and Sebi before July 12.
The REL management had blocked the open offer application by the Dabur promoters for nine months, questioning their "fit and proper" status.
"We remain committed to completing the open offer in the interest of public shareholders of Religare Enterprises," said a Burman family spokesperson.
As per the Sebi advisory, the company will apply for the fit and proper status of the acquirers for the open offer to the concerned regulators including the RBI, a spokesperson at REL said after the Sebi order on Thursday.
Shares of REL rose nearly 4 per cent to end at 233.4 apiece.
The regulator was compelled to issue the latest order as the REL board did not pay heed to its previous letters for initiating the open offer process.
This story is from the June 21, 2024 edition of Business Standard.
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This story is from the June 21, 2024 edition of Business Standard.
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