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This development comes despite a lukewarm response to their recent open offer to acquire an additional 26% stake (9,00,42,541 shares). The Burman family's open offer saw minimal participation, with only 0.07% (2,31,025 shares) of the offered equity being tendered. However, the family already held a 21.10% stake in Religare Enterprises prior to the offer, which increased to 25.16% (8,32,01,819 equity shares) after the offer's conclusion. Their position was already strengthened by open market purchases on 31 January 2024, where they acquired about 3.99% stake (1,32,00,000 equity shares). These acquisition were made through Burman family-owned entities M.B. Finmart Private Limited (MFPL), Puran Associates Private Limited (PAPL), VIC Enterprises Private Limited (VIC), and Milky Investment & Trading Company (MITC). These strategic acquisitions have allowed the Burmans to effectively take control of Religare Enterprises. The share price surge reflects investor confidence in the Burman family's leadership. This takeover marks the end of a protracted dispute involving ousted chairperson Rashmi Saluja and US-based investor Danny Gaekwad. Religare Enterprises is a diversified financial services group present across three verticals. It offers an integrated suite of financial services through its underlying subsidiaries and operating entities, including loans to SMEs, affordable housing finance, health insurance and retail broking. On a consolidated basis, Religare Enterprises reported net loss of Rs 43.08 crore in Q3 December 2024 as against net profit of Rs 19.50 crore in Q3 December 2023. Total income rose 8.65% year-on-year to Rs 1,670.24 crore in Q3 December 2024. Powered by Capital Market - Live News
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