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Burman Family buys 7.5% stake in Religare Enterprises for Rs 534 crore

Aug 17, 2023

By: BlinkX Research Team

An additional 7.5 percent interest in Religare Enterprises Ltd. (REL) was acquired by Dabur's Burman family-controlled firms on Wednesday through a series of block agreements totaling Rs 534 crore.

According to information made available by stock exchanges, various Burman family entities collectively bought 2.45 crore shares of REL at Rs 217.95 each. The vendor of these shares is Investment Opportunities V Pte Ltd, a category I foreign portfolio investor.

Prior to today’s transaction, the Burman family, who are promoters of Dabur, held a 14 per cent stake in REL, sources said.

The Burman family-controlled entities were among the significant investors who participated in the REL’s preferential allotment in June 2021, when the company raised Rs 570 crore from both existing and new investors.

Commenting on the latest move by the Burman family, Rashmi Saluja, Executive Chairperson, Religare Enterprises, told “We value the continued support and confidence of our shareholders. This development not only reflects their trust in our company’s vision but also serves as a testament to the strong corporate governance and business performance exhibited by the management. We continue to remain focused on delivering high-quality growth of Religare Group”.

Source: Media Reports