M&A

M&A

Burman Family buys addl 4% in Religare for Rs.309-Cr; consolidates stake at 25.2%

Business Line  

The Burman Family, the single largest shareholder in publicly listed Religare Enterprises, has acquired an additional 4% stake in the company through open market purchases for about INR 308.8 crore. With this move, the shareholding of Burman Family stands increased from 21.18% to 25.18%. All crucial decisions of REL requiring a special resolution can now potentially be blocked by the Burmans.The latest additional 4% stake buy - amounting to about 1.32 crore shares - was done by four Burman family owned entities (MB Finmart, Puran Associates, VIC Enterprises and Milky Investment) at INR 234 per share.The latest stake buy comes on the heels of Competition Commission of India (CCI) giving its approval on January 23 for acquisition of a 5.27% stake in Religare Enterprises by entities controlled by the Burman Family, as well as a subsequent open offer to buy up to another 26% of the financial services firm.