Key Points
Bengaluru: The Competition Commission of India on Tuesday gave its approval for the acquisition of a 5.27% stake in Religare Enterprises by entities controlled by the Burman family, as well as a subsequent open offer to buy up to another 26% of the financial services firm..
In September 2023, the Burman family, which owns consumer goods company Dabur India, signalled its intention to acquire a 5.27% stake in the financial services company for 407 crore, which would take their shareholding to over 26%, triggering an open offer. ..
The Burman family owns shares in Religare Enterprises through MB Finmart, Puran Associates, VIC Enterprises, and Milky Investment and Trading Co.entities belonging to cousins Anand and Mohit Burman..
The acquirers, who are controlled by the members of the Burman Family, are important non-deposit accepting non-banking financial companies (NBFCs) engaged in the business of making investments in capital markets and providing secured and unsecured loans," the CCI said.. Unlock a world of Benefits!.
You might be interested in
Burman family hikes Religare stake to over 25%, increases grip on company
31, Jan, 24The Burman family has consolidated their position in Religare Enterprises Limited (REL) by increasing their stake by around 4% through open market purchases. Their cumulative stake now stands at 25.1%. The stake hike was done at an average price below Rs 235/share, which is the open offer price.
Burman family likely to have upped stake in Religare Enterprises
31, Jan, 24In September 2023, the Burman family, which owns Dabur, signalled its intention to acquire a 5.27% stake in the financial services company for ₹407 crore, taking their shareholding to over 26%, triggering an open offer.
CCI seeks details from Religare Enterprises on Burmans' role, merger plans: Report
21, Dec, 23According to CCI, the Burmans did not inform it about their initial acquisition of the Religare shares but have now sought approval for their proposed purchase of 5% stake through secondary market transactions.
Dabur's open offer price for Religare is fair: Mohit Burman
16, Nov, 23Once 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.
India's Burmans seek to boost financial services play with control of Religare
27, Sep, 23India's billionaire Burman family said on Monday it would buy around 26% of Religare Enterprises (RELG.NS) for 21.16 billion rupees ($255 million), as it seeks to bolster its presence in the rapidly growing financial services sector.
'No occasion' to approach regulators: Religare
20, Feb, 24The firm said in its communication to the Securities and Exchange Board of India (Sebi), Reserve Bank of India, and the Insurance Regulatory and Development Authority of India (IRDAI), that it would proceed with seeking their approval after the regulators give their decisions on the alleged violations by the Burmans.
L’affaire Religare: We need clarity in the haze of its takeover battle
16, Nov, 23After allegations related to betting app Mahadev reached Dabur’s owners, the family contended it’s an attempt to thwart their bid for Religare. Although it’s a season of political intrigue, with charges flying around, the law must eventually prevail—for the sake of capital markets.
Dabur's Burmans seek probe into Religare share sale by chairperson
10, Nov, 23In an email sent to Sebi and bourses on November 8 that has been reviewed by ET, four entities - MB Finmart, Puran Associates, VIC Enterprises and Milky Investment and Trading Co - that collectively hold 21.24% in Religare said Sal chairperson Rashmi Saluja sold a portion of her personal holdings in the firm soon after a meeting with a representative of the Burmans.
Burmans write to RBI, asks Central Bank to intervene on open offer as Religare takeover tussle intensifies
13, Feb, 24REL led by chairperson Rashmi Saluja has sought to obstruct the applications that need to be sent to the regulators for changes in shareholding, control and management of REL, said the letter by the Burmans, promoters of the Dabur Group. The action by the REL management “impedes the ability of regulatory authorities to perform their obligations,” the Burmans said in the letter, a copy of which ET has seen. “It also costs the public shareholders of Religare.”