Burman family raises stake in Religare Enterprises to 25%
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The Burman family has increased its stake to 25 per cent in Religare Enterprises.
"We are happy to inform that we have increased our stake to 25.18 per cent in Religare Enterprises Limited (REL). We reiterate our commitment towards the acquisition of REL. We now eagerly await the remaining approvals necessary to consummate the open offer and look forward to co-operation from the REL Board," Mohit Burman, member, Burman family, said in a statement.
Earlier, the Competition Commission of India (CCI) had approved the acquisition of shareholding in Religare Enterprises Limited by Puran Associates Private Limited, M.B. Finmart Private Limited, and VIC Enterprises Private Limited, Milky Investment and Trading Company.
The proposed combination envisages the acquisition of 5.27 per cent of the total issued and outstanding equity share capital of Religare Enterprises Limited (Religare) through open market purchases, and an open offer for up to 26 per cent of the Total Expanded Voting Share Capital of Religare under the provisions of the Securities and Exchange Board of India (Substantial Acquisition of Shares and Takeovers) Regulations, 2011 by Puran Associates Private Limited, M.B. Finmart Private Limited, and VIC Enterprises Private Limited, Milky Investment and Trading Company (collectively, the Acquirers).
The Acquirers are controlled by members of the Burman family, which has investments across various sectors such as home healthcare, restaurants, insurance, consumer goods, FMCG, etc.
Religare is a public limited company listed on the BSE and the National Stock Exchange in India.
