The Burman Group announced on February 20, 2025, that they have taken control of Delhi-based financial services firm Religare Enterprises Limited (REL) and have been appointed as its promoters. The company emphasized its primary focus on fostering stability, enhancing governance, and promoting sustainable growth within the organisation.
“We are pleased to announce that we have acquired control of Religare Enterprises Limited (REL) and been designated as its promoters. We are grateful to our regulators, shareholders and other stakeholders for their trust and confidence,” the group said in an official statement.
The Burman Group will collaborate with REL’s leadership and board to strengthen its strategic vision and drive sustainable value growth.
“We have always invested in businesses with strong fundamentals and high growth potential, and we will apply the same disciplined approach to Religare Enterprises with the highest levels of governance. This was the intent with which we launched our open offer for control, and we remain committed to that,” the spokesperson added.
Burmans had extended an open offer of Rs 2,116 crore to acquire an additional 26 per cent stake in Religare Enterprises Ltd (REL). However, the response to this offer was minimal, with only 231,025 shares (0.07 per cent) being tendered out of the 9 crore shares (26 per cent) available. The tepid response to Burmans’ open offer indicates a lack of enthusiasm from shareholders.
The open offer, which was for the acquisition of up to 9,00,42,541 fully paid-up equity shares of face value of Rs 10 each, representing 26 per cent of the expanded voting share capital of REL from the public shareholders, was initiated by M B Finmart Pvt Ltd, Puran Associates Pvt Ltd, VIC Enterprises Pvt Ltd, and Milky Investment & Trading Company on January 27, 2025.
Following the closing of the open offer on February 13, the date set for the payment of consideration was February 17, as per the data provided.
In September 2023, the Burman family, promoter of Dabur India and other entities such as Eveready Industries, announced a Rs 2,116-crore open offer to REL shareholders to acquire up to 26 per cent stake in the company.
Following this, in January 2024, four entities purchased a 3.6 per cent stake in Religare Enterprises for Rs 277 crore through open market transactions. Puran Associates, Vic Enterprises, and M B Finmart, all entities of the Burman family, acquired shares in Religare Enterprises.
Puran Associates, owned by Anand Burman and Minnie Burman, V.C. Burman’s ownership of Vic Enterprises, and Mohit Burman’s ownership of M B Finmart demonstrate the family’s continued interest in diversifying their investments in the financial services industry.