Dabur India promoter Burman family on Wednesday increased its grip on Religare Enterprises after acquiring an additional 4 per cent stake in the financial services group for Rs 309 crore through open market transactions.
M.B. Finmart, Puran Associates, and VIC Enterprises -- the three entities of Burman Family -- acquired a total of 1.32 crore shares, representing a 4 per cent stake in Religare Enterprises Ltd.
"With respect to the open offer and pursuant to Sebi's SAST (Substantial Acquisition of Shares and Takeover) regulations, the acquisition of the equity shares of the Target Company (REL) by M.B. Finmart Pvt Ltd, Puran Associates Pvt Ltd, VIC Enterprises Pvt Ltd" was done through the open market on January 31, 2024, Religare said in a regulatory filing.
M.B. Finmart, Puran Associates, VIC Enterprises picked up 44 lakh shares each of REL in the price range of Rs 233.93-233.98 apiece, the filing said.
This took the combined transaction value to Rs 308.83 crore.
After the latest acquisitions, M. B. Finmart' shareholding increased to 5.49 per cent, while stakes of Puran Associates rose to 9.33 per cent, and that of VIC Enterprises to 7.47 per cent.
Also, the combined shareholding of M. B. Finmart, Puran Associates, VIC Enterprises and Milky Investment & Trading Company increased from 21.18 per cent to 25.18 per cent.
After the acquisition of shares, the deal will also trigger a mandatory open offer in Religare Enterprises as well.
As per Sebi's takeover rules, entities acquiring 25 per cent or more stake in a listed company have to make an open offer to the company's shareholders.
As per the bulk deal data of the National Stock Exchange (NSE), M B Finmart, Puran Associates and VIC Enterprises purchased more than 1.18 shares in Religare Enterprises.
Puran Associates is owned by Anand Burman and Minnie Burman, while V C Burman owns VIC Enterprises, and M B Finmart is owned by Mohit Burman.
Meanwhile, Mahesh Udhav Buxani sold shares of REL for Rs 106 crore.
Buxani offloaded more than 45 lakh shares, amounting to a 1.37 per cent stake in Religare Enterprises, as per the NSE data. Shares were disposed of at an average price of Rs 234.51 apiece, taking the transaction value to Rs 105.97 crore.
The scrip of Religare Enterprises Ltd (REL) jumped 4.74 per cent to close at Rs 237.60 apiece on the NSE on Wednesday, while the shares of the company climbed 4.46 per cent to settle at Rs 236.70 per piece on the BSE.
On January 23, the Competition Commission of India (CCI) approved the acquisition of 31.27 per cent of additional stake in Religare Enterprises by four entities of Burman family, enabling them to become majority owners in the financial services firm.
The regulator allowed the four entities -- Puran Associates, M.B. Finmart, VIC Enterprises, and Milky Investment and Trading Company -- to acquire REL's 5.27 per cent through stock market purchase and another 26 per cent through an open offer.
Burman family has investments across various sectors such as insurance and FMCG.
After the acquisition of stake on Wednesday, the shareholding of Burman family in Religare Enterprises Ltd will surpass 56 per cent.