Religare withdraws NCLAT petition against CCI order allowing Burman group to buy 5.27% stake

The total holding of Burman family, which also owns FMCG firm Dabur and Eveready, now exceeds 50%

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NEW DELHI: Religare Enterprises has withdrawn its appeal at the NCLAT against a Competition Commission of India (CCI) order that allowed four Burman group entities to acquire a 5.27 per cent stake in the financial services firm.

The move comes after the Burman Family, through its investment firms, gained a controlling stake in Religare Enterprises Ltd after acquiring 25.16 per cent of equity shares through an open offer.

The total holding of Burman family, which also owns FMCG firm Dabur and Eveready, now exceeds 50 per cent, consolidating their position as the largest shareholders in the company.

During the proceedings, the "authorised signatory for Appellant (Religare) is present and submits that he is under the authorisation to say the Appellant is not interested in pursuing the matter and intends to withdraw this appeal", the NCLAT order said.