The Burman family has revealed the dates for their takeover bid of Religare Enterprises Ltd. The entities owned by the Burman family—M.B. Finmart Pvt., Puran Associates Pvt., VIC Enterprises Pvt., and Milky Investment & Trading Co.—have requested the National Stock Exchange (NSE) to use a web-based bidding platform for the transaction.
The takeover offer will be open from January 27 to February 7, 2025. During this period, up to 9,00,42,541 equity shares will be issued, priced at Rs 235 each, with a face value of Rs 10 per share. JM Financial Ltd. has been appointed as the merchant banker for this issue, while KFin Technologies Ltd. will serve as the registrar.
This offer is open to a range of investors, including foreign institutional investors, mutual funds, insurance companies, and banks. Additionally, all trading members in the capital market segment are eligible to participate in the tender offer.
Previously, the Burman family had placed an order to acquire up to 1.73 crore shares, which represents 5.27% of Religare’s total equity, at a maximum price of Rs 235 per share. This move is part of the family’s strategy to surpass the 25% shareholding threshold, which triggers an open offer obligation under regulations governing non-bank financial companies (NBFCs).
Earlier, on December 18, 2024, the court had halted Religare’s Annual General Meeting (AGM) that was scheduled for December 31. The court also stayed the approval granted by the Reserve Bank of India (RBI) for the Burman family’s open offer. While the RBI had approved the increase in shareholding, it withheld approval for the proposed appointment of four new directors to Religare’s board at this stage.
This takeover initiative marks a significant development for Religare, with the Burman family aiming to increase its influence over the company.
