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Burman family backed-Religare Enterprises Ltd (REL) has approved a plan to demerge its financial services and insurance businesses into two separately listed entities, in a move aimed at unlocking shareholder value and sharpening strategic focus. This is the first major restructuring announced by the company since Burmans took over REL in Feb 2025, the financial services firm said in a statement. Under the proposed scheme of arrangement, REL will retain its stake in Care Health Insurance Ltd, which will continue as an insurance-focused entity, it said. The financial services business -- comprising lending, broking, investment activities and related support services -- will be transferred on a going-concern basis to its subsidiary Religare Finvest Ltd (RFL), it said. "As part of the demerger consideration, RFL will issue fully paid-up equity shares to shareholders of REL on a 1:1 mirror basis. Post-demerger, RFL will be listed on BSE and NSE with mirror image shareholding as REL," i