Dabur's Burman Family Launches Open Offer for 26% Stake in Religare
The Burman family, known for their controlling stake in
Dabur, has initiated an open offer to acquire an additional 26% ownership in
the financial services firm Religare. This transaction, valued at up to ₹2,116
crore ($255.03 million), was disclosed in a recent filing.
As of now, the Burmans already hold the largest share in
Religare Enterprises, amounting to a 21% stake. Their ultimate objective is to
gain full control of this financial services company once the open offer is
successfully completed, as detailed in the official offer document.
Anand Burman, Chairman Emeritus of Dabur India, expressed
that this proposed transaction aligns with their vision of establishing a
prominent financial services platform, encompassing activities such as lending,
broking, and health insurance services.
Under the terms of the offer, the Burman family retains the
authority to nominate directors to Religare's board and to advocate for
management structure alterations as determined by the board's decisions.
Their intention is to acquire over 90 million
shares at a price of 235 rupees per share, as specified in the document.
Consequently, Religare's stock experienced a decline of 1.6% in early trading,
with its most recent closing price recorded at 271.55 rupees.