The Burman family, which owns a controlling stake in FMCG major Dabur, has on Monday made an open offer for an additional 26 per cent stake in financial services company Religare Enterprises, according to an exchange filing by Religare.
“MB Finmart Private Limited, Puran Associates Private Limited, VIC Enterprises Private Limited, and Milky Investment & Trading Company, have announced an open offer for acquisition of up to 90,042,541 fully paid-up equity shares of face value of Rs 10 each from the public shareholders of Religare Enterprises Limited, representing 26.00% of the expanded voting share capital of the target company, at a price of Rs 235.00 per equity share aggregating to a total consideration of up to Rs 21,159,997,135, payable in cash,” Religare Enterprises said.
The three entities — Puran Associates, Vic Enterprises and MB Finmart — belonging to the Burman family already have more than 21 per cent stake in Religare and with this offer, intends to take control of Religare. According to the document, the Burmans intend to acquire more than 90 million shares at Rs 235 per share. The family had acquired a 7.6 per cent stake in Religare Enterprises for Rs 534 crore through open market transactions in August.
Religare Enterprises is a Mumbai-based diversified financial services company which offers services in over 400 cities, including loans to SMEs, affordable housing finance, health insurance and retail broking.