According to a stock market filing, the Burman family, which has a controlling interest in Dabur, declared an open offer for a 26% share in Religare Enterprises on Monday for up to Rs 2,116 crore ($255.03 million).
The companies that will take part in the open offer to buy up to 90,042,541 fully paid-up equity shares from the public shareholders of Religare Enterprises at a cost of Rs 235 per equity share are MB Finmart, Puran Associates, VIC Enterprises, and Milky Investment & Trading Company.
The proposed deal is consistent with our goal of becoming a top financial services platform that offers lending, broking, and health insurance services. We are certain that REL is the best platform and is well-suited for long-term success. Anand C. Burman, Chairman Emeritus of Dabur India, stated, “With our leadership, REL will continue its path to become one of India’s leading financial services platforms.
Dabur is owned by the Burman family in its entirety, and as of June 2023, the family’s three firms owned 14% of Religare Enterprises.
Religare Enterprises, a company located in Mumbai, offers a variety of financial services in more than 400 locations. Loans to SMEs, financing for low-cost homes, health insurance, and retail broking are among the services offered.
Public shareholders might tender their equity shares for the open offer for a 10-working-day window under the management of JM Financial Services. According to JM Financial’s exchange filing, the offer price will be paid in cash.
In Monday’s opening trades, shares of Religare fell by about 7%.
