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Burman family moves to take Religare Enterprises' control
Mint Mumbai
|September 26, 2023
The family placed I an order to buy an additional 5.27% stake in Religare at ₹ 235 per share
The Burman family, Religare Enterprises’ largest shareholder, is boosting its stake in the financial services company with the aim of taking control of the firm.
The family, which controls packaged goods company Dabur Ltd, has offered to acquire an additional 5.27% stake in the financial services company for ₹407 crore, leading to a mandatory open offer to buy an extra 26% stake from the public.
The financial services company currently does not have a promoter and is run by professionals. Religare Enterprises was earlier controlled by disgraced brothers, Malvinder and Shivinder Singh. They were arrested in 2018 for alleged financial irregularities at Religare Enterprises and its unit, Religare Finvest.
The Burman family currently owns around 21% of Religare Enterprises through MB Finmart, Puran Associates, VIC Enterprises, and Milky Investment and Trading Co.—entities belonging to cousins Anand and Mohit Burman.
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