In August, the family purchased a 7.5% interest in Religare Enterprises for Rs 534, bringing their total holding to 21%.
According to a stock exchange filing, the Burman family, which has a controlling position in Dabur, declared an open offer for a 26% stake in diversified financial services business Religare Enterprises for up to Rs 2,116 crore ($255.03 million) on Monday.
The family intends to buy up to 90,042,541 shares at Rs 235 apiece.
“The acquirers hereby make this offer to the target company’s public shareholders to acquire up to 90,042,541 equity shares, constituting 26% of the expanded voting share capital, at a price of Rs 235 per offer share, for a total of Rs 21,159,997,135 (assuming full acceptance), subject to the terms and conditions set out in this public announcement and the detailed public statement and letter of offer that are proposed to be issued in accordance with Sebi regulations.”
In August, the family paid Rs 534 crore for a 7.5% stake in Religare Enterprises through open market transactions. Its overall interest in the firm was then boosted to 21%.
Puran Associates, Vic Enterprises, and MB Finmart, all of which are owned by the Burman family, purchased shares in Religare Enterprises.
Puran Associates, Vic Enterprises, and MB Finmart acquired a total of 2.45 crore shares, equating to a 7.5% stake in Religare Enterprises, according to BSE block deal data.
Puran Associates, Vic Enterprises, MB Finmart, and Milky Investment and Trading Company, all members of the Burman Group, made an open offer on Monday as well.
Mohit Burman, chairman of Dabur Ltd, told news agency PTI in August that the Burman family sees Religare as a long-term investment and a unique financial services platform.
“We are long-term Religare Enterprises investors.” “The family has been investing in Religare for the past five years, and we felt this was the right time to increase our stake,” Mohit, a Burman family member, told PTI.
He also mentioned that Religare Enterprises’ companies are doing well, particularly in the fields of health insurance and retail brokerage.
“We feel these companies are on good footing. They should also continue to thrive with adequate guidance. “We also see Religare as a distinct financial services platform,” continued Mohit.
