BAY CAPITAL TO MAKE HOSTILE BID FOR RELIGARE : TP 150

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Religare Enterprises has  seen few recent developments in last one month :

1) Promoter stepped aside to make way for one Mohnish Mukkar of ABG shipyard and Deccan chronicle  fame and new management took the over REL

2) Many employees under old management were sacked and being replaced with the people appointed by Mohnish Mukkar

3) These developments infuriated the stake holders of REL, which perceives these development is to dump the company and take out key assets such has Religare health Insurance and Religare securities

4) The stakeholders such as IDBI invoked 18%  shareholding ( pledged shares) and such holding got consolidated in three hands  through 3 bulk deals

5) Next move,  by Bay Capital founded by Punit Sarwagi holding 10%, is to move notice for EGM to eject Mr Lakshmi Kumaran and Mr Udeshi and appoint new directors. 

6) Shareholding of promoters has fallen  to 15%. *Battle Royale is expected on Religare* 

7) As per recent filings under SAST,  in last 2 months, over 35% shareholders likely to team up to eject the new appointees. 

8) Both sides has placed  its legal team for show down for check and mate. *Possibility of Open Offer which will spike share price further*