Burman Group became the promoter of Religare Enterprises, know the details

The Burman family has acquired a controlling stake in Religare Enterprises Limited (REL) following the completion of the open offer and its shareholding has reached 83,201,819 equity shares, representing 25.16 per cent after the acquisition. The Burman Group announced on February 20 that it has acquired control of Religare Enterprises Limited (REL) and has been named its promoter. The group said that their immediate priority is to bring stability to the company, strengthen governance and promote sustainable growth.

In a statement to the media, a group spokesperson said, “We are pleased to announce that we have acquired control of Religare Enterprises Limited (REL) and have been named as its promoter. We are grateful to our regulators, shareholders and other stakeholders for the trust and confidence reposed in us.”

Open offer gets lukewarm response

The Burmans’ Rs 2,116 crore open offer to acquire an additional 26 per cent stake in Religare Enterprises Ltd (REL) has received a lukewarm response. According to the open offer data, only 231,025 shares (0.07 per cent) were offered against 90,042,541 shares (26 per cent).

According to the release, the Burman Group’s shareholding after the open offer and acquisition is 83,201,819 equity shares, representing 25.16 per cent of REL’s outstanding paid-up share capital.