The Burman family, which holds a controlling stake in Dabur, on Monday announced an open offer for a 26 per cent stake in Religare Enterprises for upto Rs 2,116 crore ($255.03 million), according to a stock exchange filing.
MB Finmart, Puran Associates, VIC Enterprises and Milky Investment & Trading Company are the entities that will participate in the open offer to acquire up to 90,042,541 fully paid-up equity shares from the public shareholders of Religare Enterprises at a price of Rs 235 per equity share.
“The proposed transaction is in line with our vision to create a leading financial services platform that encompasses lending, broking and health insurance services. We are convinced that REL is the right platform and positioned for sustained success. With our guidance, REL will continue its journey to being one of India’s distinguished financial services platforms,” said Anand C. Burman, Chairman Emeritus, Dabur India
The Burman family owns a majority stake in Dabur and, as of June 2023, had 14 per cent stake in Religare Enterprises through its three entities.
Mumbai-based Religare Enterprises provides diversified financial services in over 400 cities. The services include loans to SMEs, affordable housing finance, health insurance and retail broking.
JM Financial Ltd. has been appointed as the manager to the open offer and public shareholders could tender their equity shares for a period of 10 working days. The offer price will be paid in cash, the exchange filing issued by JM Financial said.
Share of Religare tumbled nearly 7 per cent in Monday’s opening deals.
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