23, February, 2024
HomeBusinessBurman Family Secures Regulatory Approval for Additional Stake Acquisition in Religare Enterprises

Burman Family Secures Regulatory Approval for Additional Stake Acquisition in Religare Enterprises

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As of December 31, 2023, the Burman family had already solidified its position as the leading shareholder in Religare, holding a substantial 21.17% stake. The latest development in this strategic move comes with the Competition Commission of India (CCI) granting approval for the acquisition of an additional 5.27% stake by entities under the Burman family’s control, renowned for their ownership of the FMCG giant, Dabur India.

Read Also | Dabur India Q2 Results: Strong Growth as Net Profit Surges 5% YoY to Rs 507.04 Crore

The entities involved in this acquisition include Puran Associates Private Limited, MB Finmart Private Limited, VIC Enterprises Private Limited, and Milky Investment and Trading Company – all under the direct control of the Burman family.

The proposed combination outlines the acquisition of 5.27% of Religare’s total equity share capital, emphasizing that the process will be executed through ‘open market purchases’ alongside an open offer for up to ‘26% of the total expanded voting share capital.’

Notably, as of December 31, 2023, the Burmans’ stake in Religare already stood at an impressive 21.17%, marking them as the foremost shareholder in the company. In a strategic move in September of the same year, the Dabur owners presented an offer to increase their voting share capital to 26%, proposing the acquisition of additional stake for ₹2116 crore at ₹235 per share.

However, the proposal faced a setback when the Mumbai Police registered a first information report (FIR) against 32 individuals, including Dabur chairperson Mohit Burman and director Gaurav Burman, in connection with the Mahadev app betting case.

Denouncing the allegations as ‘false and baseless,’ the Burman family characterized the FIR as an ‘arm-twisting bid’ aimed at obstructing their Religare expansion plan.

Read Also | Unraveling the Controversy: Dabur Group Leaders Named in Mahadev Betting App Case

The regulatory approval granted by the CCI signifies a significant step forward for the Burman family, reaffirming their commitment to the strategic acquisition in Religare Enterprises Limited.

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