Four entities belonging to the Dabur’s Burman family have made an open offer to the Public Shareholders of Religare Enterprises Ltd (REL) to acquire upto 26% of the Expanded Voting Share Capital of REL at ₹235 ler share. The company’s share on the BSE was trading at ₹264 a piece at 9.30 am.
The Open Offer has been made to increase the family’s stake and take control of REL. it will be conducted in accordance with the SEBI (SAST) Regulations, a statement issued by the family said.
The Burman family, through its group entities, is currently the single largest shareholder in REL, holding 21% stake through M.B. Finmart Private Ltd, Puran Associates Private Ltd, VIC Enterprises Private Ltd, and Milky Investment & Trading Company.
Anand C. Burman, Chairman Emeritus, Dabur India Ltd in a statement said: “The proposed transaction is in line with our vision to create a leading financial services platform that encompasses lending, broking and health insurance services.”
“We are convinced that REL is the right platform and positioned for sustained success. With our guidance, REL will continue its journey to being one of India’s distinguished financial services platforms,” he said.
The Open Offer is estimated to cost the Burmans ₹2,116 crore assuming full acceptance.
The acquirers said they would take control of REL upon conclusion of the Open Offer.