Burman family likely to have upped stake in Religare Enterprises

The Burman family has reportedly upped its stake in Religare Enterprises through a large deal that took place in the stock on Wednesday.

A CNBC-TV18 report says as much as 4.4% equity or 1.4 crore shares of Religare Enterprises exchanged hands in a large trade valued at Rs 3438 crore.
The shares changed hands at an average price of ₹234 per share, the report added.

The block deal could trigger mandatory Open Offer in Religare Enterprises. In September 2023, the Burman family, which owns Dabur, signalled its intention to acquire a 5.27% stake in the financial services company for ₹407 crore, taking their shareholding to over 26%, triggering an open offer.

The Burman family owns shares in Religare Enterprises through MB Finmart, Puran Associates, VIC Enterprises, and Milky Investment and Trading Co.—entities belonging to cousins Anand and Mohit Burman.

Dabur Chairman Mohit Burman had in November said the Open Offer will conclude sooner or later. "We believe all the shareholders are backing us and we believe we made a fair open offer. And, we believe that this will conclude sooner than later," he told CNBC-TV 18.