Burmans Acquire 4% Additional Stake In Religare Enterprises For Rs 277 Crore

The Burman family has acquired an additional 4% stake in Religare Enterprises Ltd. for Rs 277 crore via open market operations on Wednesday, a week after receiving regulatory clearance.

The stake was acquired at an average price of Rs 233.98 per share by three Burman-controlled entities—Puran Associates Pvt., MB Finmart Pvt., and VIC Enterprises Pvt.

MB Finmart bought 39.55 lakh shares (1.2%), Puran Associates mopped up 39.55 lakh shares (1.2%), and VIC Enterprises purchased 39.49 lakh shares (1.2%), according to bulk deal data on the National Stock Exchange.

The Burman family's shareholding in Religare has risen to 25.18%.

Investor Mahesh Udhav Buxani divested his entire stake of 1.37% for Rs 106 crore.

The Burman family—owners of Dabur India Ltd.—plans to establish its presence in financial services through its open offer to Religare Enterprises—a holding company with four business verticals: insurance, financing, broking, and e-governance.

The Competition Commission of India last week approved the acquisition of an additional stake.

The family has investments across various sectors such as home healthcare, restaurants, insurance, consumer goods and FMCG.

In September last year, the Burman family announced an open offer to buy a 26% stake in Religare Enterprises for up to Rs 2,116 crore.