Dabur’s Burman family, known for their controlling stake in the FMCG (Fast-Moving Consumer Goods) sector, has made a significant move in the financial services industry. On Monday, they unveiled their intention to acquire a substantial 26 percent stake in Religare Enterprises, a diversified financial services group, through an open offer. The ambitious offer is valued at up to Rs 2,116 crore (approximately $255.03 million), as per a stock exchange filing by the family.
The Offer Details
The Burman family’s open offer revolves around acquiring a substantial number of shares in Religare Enterprises. Specifically, they aim to purchase up to 90,042,541 shares, with each share priced at Rs 235. In terms of total value, this offer amounts to a staggering Rs 21,159,997,135, assuming full acceptance. These details were disclosed in the stock exchange filing and are contingent upon certain terms and conditions, in accordance with SEBI (Securities and Exchange Board of India) regulations.
Burman Family’s Growing Influence
This strategic move by the Burman family follows their previous acquisition of a 7.5 percent stake in Religare Enterprises in August, which was worth Rs 534 crore. With this latest open offer, their total stake in Religare is set to increase to a formidable 26 percent. This development indicates the Burman family’s growing interest in diversifying their investments within the financial sector.
The Burman family’s open offer for a substantial stake in Religare Enterprises marks a significant step in their pursuit of a stronger presence in the financial services industry. As they continue to expand their influence, this move could have far-reaching implications for both companies involved and the broader financial landscape.
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