The Burman family has increased its stake in Religare Enterprises to 24.77% after purchasing 3.6% of the company's shares for Rs 277 crore. This follows the Competition Commission of India's approval for the family to acquire a majority stake in the financial services firm.
Photograph: Courtesy Dabur
New Delhi, Jan 31 (PTI) Dabur India promoter Burman family on Wednesday bought a 3.6 per cent stake in diversified financial services group Religare Enterprises for Rs 277 crore through open market transactions.
The three entities -- Puran Associates, Vic Enterprises and M B Finmart -- of the Burman family acquired the shares of Religare Enterprises on the National Stock Exchange (NSE).
Puran Associates is owned by Anand Burman and Minnie Burman, while V C Burman owns Vic Enterprises. M B Finmart is owned by Mohit Burman.
According to the bulk deal data available with the NSE, M B Finmart, Puran Associates and Vic Enterprises purchased a total of 1,18,59,808 shares, representing a 3.6 per cent stake in Religare Enterprises.
The shares were acquired within the price range of Rs 233.94-233.99 apiece, taking the combined deal size to Rs 277.48 crore.
After the latest transaction, Burman family has increased its stakeholding to 24.77 per cent from 21.17 per cent (as of December 2023).
Meanwhile, Mahesh Udhav Buxani sold shares of Religare Enterprises for Rs 106 crore.
Buxani offloaded 45,19,019 shares, amounting to a 1.37 per cent stake in Religare Enterprises, as per the data on the NSE.
The shares were disposed of at an average price of Rs 234.51 apiece, taking the transaction value to Rs 105.97 crore.
The scrip of Religare Enterprises Ltd (REL) jumped 4.74 per cent to close at Rs 237.60 per share on the NSE.
On January 23, the Competition Commission of India (CCI) approved the acquisition of 31.27 per cent of additional stake in Religare Enterprises by four entities of Burman family, enabling them to become majority owners in the financial services firm.
The fair trade regulator allowed the four entities -- Puran Associates, M.B. Finmart, VIC Enterprises, and Milky Investment and Trading Company -- to acquire REL's 5.27 per cent through stock market purchase and another 26 per cent through an open offer.
Burman family has investments across various sectors such as insurance and FMCG.
After the acquisition of stake on Wednesday, the ownership of Burman family in Religare Enterprises Ltd will surpass 56 per cent.
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