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 "Religare")
The entities controlled by the Burmans will now have to wait for approval from the market regulator Securities and Exchange Board of India (Sebi) to launch the open offer.
Puran Associates, MB Finmart, VIC Enterprises and Milky Investment & Trading Company plan to acquire 5.27 per cent stake in Religare through open market purchases and follow it up with an open offer to buy up to 26 per cent.
“The acquirers are all systemically important non-deposit accepting non-banking financial companies (NBFCs) engaged primarily in the business of making investments in capital markets and providing secured and unsecured loans. The acquirers are controlled by members of the Burman Family. The Burman Family has investments across various sectors such as home healthcare, restaurants, insurance, consumer goods, FMCG,” said a press release by the anti-trust regulator on January 23.
“We look forward to the continued support from Religare shareholders, and hope to complete the remaining regulatory approvals expeditiously so as to enable a smooth transition. We take this opportunity to urge the board to act in a neutral manner and not solely at the behest of certain members of the senior management,” said a spokesperson for the Burman Family.
In September 2023, the promoters of Dabur had made an offer to hike their stake in Religare by acquiring an additional stake for Rs 2,116 crore at Rs 235 per share.
Conflict had broken out between Religare’s board and the Burman family following their plan to augment their stake in the NBFC with both parties hurling accusations against each other.
The Burman family is already the single-largest shareholder in Religare, with a 21.2 percent stake.
Shares of Religare were last trading at Rs 224 a little after 11 am.
First Published: Jan 24 2024 | 11:32 AM IST
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