Burmans’ Rs 2,116-crore open supply for Religare will get tepid response
The open supply closed on February 13 and the date of cost of consideration was February 17, the information mentioned.
The tender worth for open supply was mounted at Rs 235 per share. Following the open supply, the shareholding of 4 entities would rise to 24.02 per cent.
Burmans, by 4 entities — Finmart Pvt Ltd, Puran Associates Pvt Ltd, VIC Enterprises Pvt Ltd, and Milky Funding & Buying and selling Firm — collectively owned 20.15 per cent stake in REL.
The Burman household — a promoter of Dabur India and different entities resembling Eveready Industries — by its entities, in September 2023 introduced a Rs 2,116-crore open supply to REL shareholders to amass as much as 26 per cent stake within the firm. Subsequently, 4 entities in January 2024 purchased a 3.6 per cent stake in diversified monetary companies group Religare Enterprises for Rs 277 crore by open market transactions. The three entities — Puran Associates, Vic Enterprises and M B Finmart — of the Burman household acquired the shares of Religare Enterprises.
Puran Associates is owned by Anand Burman and Minnie Burman, whereas V C Burman owns Vic Enterprises. M B Finmart is owned by Mohit Burman.
Quickly after the open supply bid, Burmans complained to capital market regulator Sebi for violation of insider buying and selling guidelines by then chairperson Rashmi Saluja and appointment of board of her selection.
Nevertheless, it was contested by REL unbiased administrators, who raised pink flags alleging fraud and different breaches by Burman household entities and approached regulators, together with markets regulator Sebi, the RBI, and the Insurance coverage Regulatory and Improvement Authority.
Earlier this month, REL Govt Chairperson Saluja was ousted as director by the corporate’s shareholders.
She ceased to be non-independent director with impact from February 7, 2025.
