Religare

Ajit Mishra of Religare Broking says buy BPCL, SAIL, Indus Towers

Stocks To Buy Today, April 3, 2025: Ajit Mishra, SVP-Research at Religare Broking, has recommended that investors buy BPCL, SAIL, and Indus Towers shares today

Religare Enterprises begins governance review of firm, subsidiaries

Board has decided to approach new promoters, the Burman Group, for funds

Religare Enterprises withdraws NCLAT petition against CCI order

Religare Enterprises has withdrawn its appeal at the NCLAT against a competition watchdog CCI order that allowed four Burman group entities to acquire a 5.27 per cent stake in the financial services firm. The move comes after the Burman Family, through its investment firms, gained a controlling stake in Religare Enterprises Limited (REL) after acquiring 25.16 per cent of equity shares through an open offer. The total holding of Burman family, which also owns FMCG firm Dabur and Eveready, now exceeds 50 per cent, consolidating their position as the largest shareholders in the company. During the proceedings, the "authorised signatory for Appellant (Religare) is present and submits that he is under the authorisation to say the Appellant is not interested in pursuing the matter and intends to withdraw this appeal", the NCLAT order said. "In view of this, the appeal stands dismissed as withdrawn. All the pending applications are also disposed of," a two-member bench ordered last week.

Religare shares surges 18.9% following Burman family becoming promoter

Shares of Religare Enterprises on Friday jumped 18.9 per cent after the Burman family acquired a controlling stake and designated as promoters following closure of the open offer. After the open offer, the shareholding of Burman family increased to 25.16 per cent, making it the largest shareholder and promoter of the company. Shares of Religare Enterprises closed at Rs 265.30, an increase of 18.97 per cent on the BSE. "We are pleased to announce that we have acquired control of Religare Enterprises Ltd (REL) and been designated as its promoters. We are grateful to our regulators, shareholders and other stakeholders for their trust and confidence," a Burman Group spokesperson said. The immediate priority is to instil stability, strengthen governance, and drive sustainable growth at the company, the spokesperson said, adding, governance, trust, and integrity will remain at the core of our vision as we steer REL towards a future defined by resilience and stakeholder value ...

Burman family acquires control, becomes promoter of Religare Enterprises

The Burman Group will work with Religare Enterprises' leadership and board to reinforce its strategic direction and enhance long-term value creation

Burmans' Rs 2,116-crore open offer for Religare gets tepid response

Burmans' open offer of Rs 2,116 crore for the acquisition of additional 26 per cent stake in Religare Enterprises Ltd (REL) has received tepid response. As per the data of open offer, against 90,042,541 shares (26 per cent), only 231,025 shares (0.07 per cent) were tendered. The open offer for the acquisition of up to 9,00,42,541 fully paid-up equity shares of face value of Rs 10 each, representing 26 per cent of the expanded voting share capital of REL from the public shareholders by M B Finmart Pvt Ltd, Puran Associates Pvt Ltd, VIC Enterprises Pvt Ltd, and Milky Investment & Trading Company commenced on January 27, 2025. The open offer closed on February 13 and the date of payment of consideration was February 17, the data said. The tender price for open offer was fixed at Rs 235 per share. Following the open offer, the shareholding of four entities would rise to 24.02 per cent. Burmans, through four entities -- Finmart Pvt Ltd, Puran Associates Pvt Ltd, VIC Enterprises Pvt ...

Sebi turns down Danny Gaekwad's plea for competing open offer for Religare

Regulator says application 'frivolous', not backed by financial capabilities; also questions due diligence of investment banker

Sebi rejects Digvijay Gaekwad's application seeking open offer in Religare

Capital markets regulator Sebi on Friday dismissed an application filed by Digvijay Laxhamsinh Gaekwad seeking an exemption to make a competing open offer for a majority stake in Religare Enterprises Ltd (REL). Sebi in an order stated that the price offered by Gaekwad was Rs 275 per share in the proposed open offer which was Rs 40 higher than the Burman Group's offer of Rs 235 per share. The applicant (Danny Gaekwad Developments & Investments, Florida) has failed to demonstrate his ability to meet the financial obligation for making the competing open offer, it stated. The markets watchdog also observed that the "applicant has failed to deposit Rs 600 crore, as directed by the Supreme Court of India vide its order dated February 7, 2025 read with order dated February 12, 2025, which would have shown the applicant's commitment towards making the competing open offer". In the absence of adequate proof of financial resources required for making the competing open offer, the ...

Saluja ceases to be Religare director; Tripathi named chairperson

Saluja's exit follows a clarification from the Reserve Bank of India (RBI) confirming that its approval is not required for her removal, the company said in an exchange filing

Religare saga: Rashmi Saluja plans to stay on until open offer ends

Shareholders have right to remove/appoint directors, say lawyers

SC asks Danny Gaekwad to deposit Rs 600 crore for Religare counter offer

It asked US-based investor Danny Gaekwad to deposit Rs 600 crore in terms of its competing offer against the Burman family's open offer on or before February 12

Religare Enterprises' independent director Hamid Ahmed resigns from board

Religare Enterprises on Wednesday said its independent director Hamid Ahmed resigned from the board of the company. Ahmed, who is CEO of Hamdard Laboratories India, Foods Division, ceased to be non-executive independent director of the company from February 4. He has tendered his resignation from the Board of Directors of the Company on February 4, 2025 with immediate effect, due to increasing scope of work in his family business, Religare Enterprises said in a regulatory filing. It is to be noted that the Burman family -- a promoter of Dabur India and other entities such as Eveready Industries -- through its entities, in September 2023 announced a Rs 2,116-crore open offer to Religare shareholders to acquire up to 26 per cent stake in the company. Soon after the open offer bid, Burmans complained to capital market regulator Sebi for violation of insider trading rules by the Religare chairperson Rashmi Saluja and appointment of board of her choice. However, it was contested by REL

Sebi rejects Digvijay Gaekwad's plea for Religare Enterprises open offer

US-based entrepreneur had sought nod to launch competing open offer

Religare was undervalued; my offer benefits shareholders: Gaekwad

We have full faith in Sebi, Modi government, Gaekwad said

Gaekwad's Religare counter offer beyond Sebi's 15-day window: Burmans

In a statement, a spokesperson for the Burman family said Gaekwad has not made any competing open offer

US businessman Gaekwad takes on Burmans in Religare takeover battle

The counter offer of Rs 275 a share in cash was made late Friday evening, just two days before the open offer of Rs 235 a share made by the Burman family of the Dabur group opens on Monday

US businessman makes counter offer for Religare at Rs 275 per share

Burmans' open offer slated to open on Monday

Burmans' Religare open offer for additional 26% stake to start on Jan 27

Burmans' Religare Enterprises' open offer to acquire an additional 26 per cent stake from the open market would commence on January 27 following the regulatory approvals. Last month, the Reserve Bank approved the open offer of the Burman family -- the promoters of FMCG major Dabur -- to acquire an additional 26 per cent stake in NBFC firm Religare Enterprises Ltd (REL). The open offer is for the acquisition of up to 9,00,42,541 fully paid-up equity shares of face value of Rs 10 each, representing 26 per cent of the expanded voting share capital of REL from the public shareholders by M.B. Finmart Private Ltd, Puran Associates Private Ltd, VIC Enterprises Private Ltd and Milky Investment & Trading Company, a regulatory filing said. According to the tentative schedule of the open offer, the offer closes on February 7. As of September 30, 2024, Burmans, through its four entities, collectively owns a 25.12 per cent stake in REL. The Burman family -- a promoter of Dabur India and other

Religare AGM back on track after Madhya Pradesh High Court rejects PIL

The Madhya Pradesh High Court dismissed a PIL blocking Religare's AGM, vacating the stay on Rashmi Saluja's reappointment and allowing the Burman family's stake acquisition process to proceed

MP High Court stays Religare's AGM and open offer by Burman family

Court also stayed Religare Enterprises annual general body meeting