Last updated: Sep 25, 2023 11:24 IST
The Burman family, which has a controlling stake in Dabur, on Monday announced an open offer for a 26 percent stake in Religare Enterprises for up to 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 equity shares from the public shareholders of Religare Enterprises at a price of Rs 235 per equity . part.
“The proposed transaction is in line with our vision to create a leading financial services platform spanning lending, brokerage and health insurance services. We are convinced that REL is the right platform and positioned for sustainable success. With our guidance, REL will continue its journey to become one of India’s leading financial services platforms,” said Anand C. Burman, Chairman Emeritus, Dabur India
The Burman family owns a majority stake in Dabur and had a 14 percent stake in Religare Enterprises through its three entities as of June 2023.
Mumbai-based Religare Enterprises offers diversified financial services in over 400 cities. Services include SME lending, affordable housing financing, health insurance and retail brokerage.
JM Financial Ltd. has been appointed manager of the open offer and public shareholders could tender their shares during a period of ten business days. The offering price will be paid in cash, according to the exchange filing issued by JM Financial.
Shares of Religare fell almost 7 percent in Monday’s opening deals.