Burman family to raise stake in Religare via $255 million open offer
Through its group entities, the Burman family is currently the single largest shareholder in REL
Mumbai: Burman family firms MB Finmart Pvt Ltd, Puran Associates Pvt Ltd, VIC Enterprises Pvt Ltd, and Milky Investment & Trading Company have announced an open offer to acquire up to 26% in Religare Enterprises Limited (REL) for Rs.2,116 crore. The offer price of Rs.235 per share represents a premium of 21.91% over the stock's closing price on September 23.
Through its group entities, the Burman family is currently the single largest shareholder in REL. It holds a 21% stake through MB Finmart Private Limited, Puran Associates Private Limited, VIC Enterprises Private Limited, and Milky Investment & Trading Company.
In August, Dabur chairman Mohit Burman, who is invested in Religare in his personal capacity, told Mint, that the Burman family had picked up an additional stake in REL, raising the family's shareholding to about 22%. "We bought approximately 2.4 crore shares, which is 7%. This brings our total shareholding close to 22%," Burman said, adding that this was a financial investment for the family.
JM Financial Limited acted as the exclusive financial advisor to the acquirers and will act as manager to the open offer.
