M&A
Burman family acquires control of financial services co. Religare, becomes promoter
The Burman family has acquired control of Delhi-based financial services firm, Religare Enterprises and were designated as its promoters after almost 18 months of a take-over battle.The take-over battle for Religare began in September 2023 when the Burmans of Dabur group, having reached a 25% stake in the company, made an open offer to acquire an additional 26%. But the senior management, led by chairperson Rashmi Saluja, opposed the offer, contending that the price of INR 235 per share undervalued the company.The matter landed in various courts including the Securities Appellate Tribunal. Saluja was ousted from the company by the shareholders and a last minute counter-offer from US citizen Danny Gaekwad was rejected by Sebi leading to Burmans taking over the firm.
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