Page 2 - Religare Enterprises

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 ...

The eventful battle for Religare Enterprises tests Sebi's takeover code

Some legal experts believe the case may indicate the need for a review of Sebi's takeover norms

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

SC grants time to Danny Gaekwad to deposit Rs 600 cr for counter offer

The court also clarified that except for the modification of the time limit to deposit the said amount, other terms and conditions mentioned in the February 7 order will remain unaffected

Religare saga: Saluja moves HC against Sebi, seeks to quash Burmans' offer

Fresh petition filed on Tuesday states that the letter of offer does not adhere to the conditions set by RBI

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

Shareholders have right to remove/appoint directors, say lawyers

Religare's Saluja fails to secure shareholder approval for reappointment

Over 97 per cent of shareholders voted against her reappointment; Saluja had contended that she is not liable to retire by rotation

Danny Gaekwad to meet PM Narendra Modi on Religare acquisition in USA

US investor seeks American intervention to overcome regulatory hurdles in India

Delhi HC rejects Rashmi Saluja's plea to halt Religare Enterprises AGM

She had sought a permanent injunction to prevent her removal and to stop the resolution from being voted on at the AGM, scheduled for physical voting on Friday

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

Delhi HC refuses relief to Rashmi Saluja in Religare reappointment matter

Move paves the way for AGM, Burman open offer conclusion

Proxy advisors oppose Rashmi Saluja's reappointment at Religare Enterprises

Voting will begin from Tuesday and results are expected after the annual general meeting (AGM) scheduled for Friday

Delhi HC denies stay on the Religare AGM, Burman family open offer

The HC observed that there was no valid competing offer at present before the market regulator, the Securities and Exchange Board of India (Sebi)

Rashmi Saluja seeks relief from Delhi HC ahead of Religare AGM next month

Executive chairperson has contended that her appointment is valid till 2028; Next hearing in the matter on February 4

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

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

Religare's independent directors say Burmans' open offer price low

Shareholders must evaluate the offer carefully and also not the conditions RBI has set for it, they say

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