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Once the open offer is concluded, the Burman family-owned entities - currently the largest shareholding bloc at Religare - will nominate their directors on the board of the financial services company, Burman told ET.

JAL owes a group of 32 lenders a total of ₹29,272 crore. The company was among the 26 defaulters that the RBI had directed to be taken to the bankruptcy process in 2017 following which ICICI had filed an insolvency petition against the company before Allahabad Bench of the National Company Law Tribunal in 2018. That petition is yet to be admitted.

Legal experts, along with lawyers representing both the Sahara Group and the Securities and Exchange Board of India (SEBI), have confirmed that the protracted legal dispute between the two entities will persist in the Supreme Court. This determination comes despite the unfortunate demise of Subrata Roy, the chief of the Sahara Group.

​​For starters, in the six months leading up to the 11 general elections held between 1980 and 2019, the Sensex averaged an impressive 14.3% return, underlining the stock market’s capacity to navigate and prosper amid political uncertainty and transitions.

In response to the recent Supreme Court order upholding recovery provisions against personal guarantors, Indian lenders are now taking measures to protect their interests. They will require a negative lien on the assets underlying personal guarantees given by promoters of companies raising bank loans. This will prevent promoters from transferring these assets to a special trust that is bankruptcy remote.

Shares of the Santa Clara, California-based company have climbed 22% during their latest surge, adding about $220 billion in market value, according to data compiled by Bloomberg. This has propelled their relative strength index, a 0-100 gauge of bullish and bearish price momentum, above 70 on Tuesday.

The Reserve Bank of India has directed the company to stop the sanction and disbursal of loans under two of its lending products – ‘eCOM’ and ‘Insta EMI Card’ with immediate effect, as the non-banking financial company did not comply with certain norms.

"The biggest reason for gains today is the favourable US inflation data along with the S&P, Dow and Nasdaq seeing its largest gain since April this year," said Aamar Deo Singh, head advisory at Angel One Broking.

Analysts, however, warn these stocks might be overbought after the recent run up. "... when markets are bullish, brokers, dealers and other intermediaries, tend to benefit because their cost structures are such that when topline improves, profitability goes through the roof," said Sahil Kapoor, market strategist at DSP Mutual Fund.

The floor price is at a discount of nearly 5% to the current market price. On Wednesday, shares of the company ended at Rs 711.90 on the National Stock Exchange, down about 1% from the previous close.