Shares of Religare Enterprises Ltd skyrocketed 9% on 21 February after the Burman household grew to become the corporate’s promoters and bought the vast majority of the corporate.
This comes after the Burmans’ open provide of Rs 2,116 crore to purchase an extra 26% of Religare Enterprises was met with a mediocre response. Solely 0.07% of the 26% portion that was up for grabs was really tendered, primarily based on the info from the open provide.
Regardless of the lacklustre open provide, the Burman Group held 25.16% of Religare Enterprises.
The corporate issued a press release saying, “We’re happy to announce that we’ve acquired management of Religare Enterprises and been designated as its promoters. We’re grateful to our regulators, shareholders and different stakeholders for his or her belief and confidence.”
The group’s high priorities have been harassed, reminiscent of establishing stability, enhancing governance, and selling sustainable development throughout the firm. “Our imaginative and prescient for REL is anchored in governance, belief, and integrity, guiding us in direction of a future constructed on resilience and maximising stakeholder worth,” the spokesperson mentioned.
Via 4 companies, Finmart Pvt Ltd, Puran Associates Pvt Ltd, VIC Enterprises Pvt Ltd, and Milky Funding & Buying and selling Firm, the Burmans held a 20.15% stake in Religare Enterprises.
In September 2023, REL shareholders obtained an open provide from the Burman household, who personal Dabur India and different companies, together with Eveready Industries, for Rs 2,116 crore to buy as much as a 26% stake within the firm.
In January 2024, 4 corporations additionally paid Rs 277 crore for a 3.6% share within the firm by open market transactions. The shares have been purchased by three Burman household companies: Puran Associates, VIC Enterprises, and M B Finmart.
At 1:43 pm, the shares of Religare Enterprises have been buying and selling 6.16% increased at Rs 236.75 on NSE.
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