WHEN THE GOING GETS BETTER: RELIGARE WILL GO FOR A TRANSFORMATIVE MAKEOVER NOW WITH THE BURMANS FIRMLY IN THE SADDLE AT THE SHADOW BANK.

THE SAGA OF Religare Enterprises has been anything but subtle. Over the past two years, the financial services firm has found itself embroiled in a tumultuous struggle for control-an unrelenting drama marked by boardroom skirmishes, regulatory scrutiny, and backroom machinations. Now, as the dust finally begins to settle, the spotlight turns to a new chapter under the Burman family's stewardship.

- BY V. KESHAVDEV

The question is no longer who controls Religare-it's what the Burmans intend to do with it.

The Burmans, scions of the Dabur empire, are hardly strangers to calculated risk. Yet their decisive move to seize control of Religare, an NBFC (non-banking financial company) with a troubled past, reveals ambitions far greater than mere financial stewardship. With a 25.16% stake secured after an exhaustive open offer process, they now hold the reins of a company that, for years, seemed caught in a spiral of mismanagement and controversy.

Religare's share price is down 11% YTD given the broader meltdown in the markets with the benchmark Nifty falling 5% as foreign investors have sold off Indian equities worth $11 billion. With the company's market capitalisation hovering near ₹7,837 crore (as of February 25), the valuation reflects cautious optimism-investors expect the Burmans' reputation for operational diligence to breathe new life into the shadow bank.

"Without that alignment of purpose, management bandwidth and company resources were being consumed by courtroom battles, fighting the largest shareholder, and dealing with regulatory scrutiny. Now, the focus can shift back to business," says Shriram Subramanian, founder and MD of InGovern Research Services, a governance advisory firm for investors and companies.