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Religare Enterprises Limited (RELIGARE.NS)

245.04

+4.71

+(1.96%)

At close: March 12 at 3:30:01 PM GMT+5:30

India's Religare says US businessman makes competing offer for stake

India's Religare Enterprises said a U.S. businessman has made a proposal to acquire a 26% stake in it, the latest twist in the battle for control of the financial services company which has rejected another bid as being priced too low. The Indian billionaire Burman family, which has founded and controls consumer goods conglomerate Dabur India, raised its stake in Religare to nearly 25% in September 2023, triggering a so-called open offer to buy more shares. Through the open offer process, which starts on Jan. 27, the Burmans plan to buy around 26% more of Religare to bolster their presence in India's rapidly growing financial services sector, but Religare's independent directors flagged this week the offer price of 235 rupees per share was too low.

Reuters last month

RELIGARE.NS
+1.96%
India's Burman family gets RBI nod to raise stake in Religare

The Burmans, who founded and control consumer goods conglomerate Dabur India, raised their stake in Religare to nearly 25% in September last year, triggering a so-called open offer to buy more shares. They planned to buy around 26% more of Religare to bolster their presence in the rapidly growing financial services sector, but Religare refused to apply for regulatory approvals for the open offer. Religare sought to prevent the Burmans from raising their stake, saying the offer was "riddled with irregularities and statutory violations and cast serious doubts on the fit and proper status of the acquirers".

Reuters 2 months ago

RELIGARE.NS
+1.96%
India's Religare asked to seek regulatory nod for top investor raising stake

BENGALURU (Reuters) -India's markets regulator has asked Religare Enterprises to apply for approvals to let the billionaire Burman family buy more shares in the financial services company, dealing a blow to the company's attempt to block the move. The Burmans, who founded and control consumer goods conglomerate Dabur India, raised their stake in Religare to nearly 25% in September last year, triggering the so-called open offer requirement that allows them to buy more shares from public shareholders. However, Religare had sought to block the deal saying the open offer was "riddled with irregularities and statutory violations and cast serious doubts on the fit and proper status of the acquirers".

Reuters 8 months ago

RELIGARE.NS
+1.96%

Performance Overview

Return	RELIGARE.NS	S&P BSE SENSEX
YTD	-10.52%	-5.26%
1-Year	+11.84%	+0.49%
3-Year	+108.72%	+33.27%