Burman family to raise stake in Religare via $255 million open offer

The Burmans reserve the right to appoint directors to the board of Religare and require the company to implement changes in the management structure as determined by its board.

They intend to acquire more than 90 million shares at 235 rupees per share. Image source: Freepik/Representational

The Burman family, which holds a controlling stake in Dabur, made an open offer on Monday for an additional 26 per cent stake in financial services company Religare for up to 21.16 billion rupees ($255.03 million), according to a filing.

The Burmans, already the largest shareholder in Religare Enterprises with a 21 per cent stake, intend to take control of the financial services company once the open offer is concluded, the offer document showed.

"The proposed transaction is in line with our vision to create a leading financial services platform that encompasses lending, broking and health insurance services," Dabur India Chairman Emeritus Anand Burman said in a statement.

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The Burmans reserve the right to appoint directors to the board of Religare and require the company to implement changes in the management structure as determined by its board.

They intend to acquire more than 90 million shares at 235 rupees per share, according to the document.

Religare shares slipped as much as 7.3 per cent during the session to hit a low of Rs 252.40 on the BSE.

With inputs from the Zee Business web team.

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