The Burman group announced on February 20, 2025 that they had taken control of the financial services company based in Delhi, Religare Enterprises Limited (REL) and were appointed promoters. The company has highlighted its main objective on promoting stability, improving governance and promoting sustainable growth within the organization.
“We are pleased to announce that we have acquired the control of Religare Enterprises Limited (REL) and that we have been appointed as its promoters. We are grateful to our regulators, shareholders and other stakeholders for their confidence, “the group said in an official statement.
The Burman group will collaborate with leadership and the Board of Directors to strengthen its strategic vision and stimulate the growth of sustainable value.
“We have always invested in businesses with solid fundamentals and high growth potential, and we will apply the same disciplined approach to Religare Enterprises with the highest levels of governance. It was the intention with which we launched our offer Open for control, and we stay a blow for that, “added the spokesperson.
Burmans had extended an open offer of RS 2,116 crosses to acquire an additional 26% participation in Religare Enterprises LTD (REL). However, the response to this offer was minimal, with only 231,025 shares (0.07%) filed out of the 9 CROINE shares (26%) available. The lukewarm response to the open offer from Burmans indicates a lack of enthusiasm of shareholders.
The open offer, which concerned the acquisition of up to 9.00.42,541 shares fully paid in nominal value of RS 10, representing 26% of the share capital of the public shareholders, was launched by MB Finmart PVT LTD, Puran Associates PVT LTD, Vic Enterprises PVT LTD and Milky Investment & Trading Company on January 27, 2025.
After the end of the offer opened on February 13, the date fixed for the payment of the counterpart was on February 17, in accordance with the data provided.
In September 2023, the Burman family, promoter of Dabur India and other entities such as Eveready Industries have announced an open offer of 2,116 Rs RS -to -acquire REW to acquire up to 26% in the company.
Following this, in January 2024, four entities bought a participation of 3.6% in Religare Enterprises for RS 277 crores through free market transactions. Puran Associates, Vic Enterprises and MB Finmm, all the entities of the Burman family, have acquired actions from Logement Enterprises.
Puran Associates, owned by Anand Burman and Minnie Burman, the property of VC Burman of Vic Enterprises, and the property of Mohit Burman of Mb Finmm demonstrate the continuous interest of the family to diversify their investments in the sector of financial services.
