(Adds details on Catalyst's offer, share movement)
Nov 27 (Reuters) - Catalyst Capital Group Inc on Wednesday offered to buy Hudson's Bay Co in deal that valued it at C$2.03 billion ($1.53 billion), challenging the Canadian retailer's agreed deal with a consortium led by its executive chairman, Richard Baker.
Shares of the Saks Fifth Avenue owner rose about 11% to C$9.80 in early trading.
Private equity firm Catalyst, which owns 17.5% of Hudson's Bay, has offered C$11 per share, topping Baker's raised C$10.30 per share proposal.
Baker's consortium already owns 57% of Hudson's Bay and has previously informed the company it would block a sale to another party.
Catalyst also said on Wednesday it had filed a complaint with the Ontario Securities Commission over potential securities law violations in the consortium's C$1.9 billion deal.
Hudson's Bay and Baker's consortium did not immediately respond to requests for comment.
Reuters reported earlier this month that Catalyst was seeking financing for a rival bid for the company.
The buyout firm's all-cash offer represents a premium of 24.5% to Hudson's Bay's closing price on Tuesday.
Catalyst also said it is prepared to consider raising the offer based on its due diligence and is open to allow other shareholders to be co-equity sponsors to its offer.
$1 = 1.3301 Canadian dollars Reporting by Uday Sampath in Bengaluru; Editing by Sriraj Kalluvila