Setback for Burmans as court stays Religare’s AGM, RBI’s approval for open offer
1 week, 6 days ago

Setback for Burmans as court stays Religare’s AGM, RBI’s approval for open offer

Live Mint  

The Madhya Pradesh High Court has stayed Religare Enterprises Ltd's annual general meeting that was scheduled for 31 December as well as the approval granted by the Reserve Bank of India to the Burman family to make an open offer to acquire an additional 26% stake in REL. Mishra’s plea stated that the shareholding of 73,263 persons who hold up to ₹2 lakh worth of REL stock each would be adversely affected by the consolidation of four Burman family entities—Puran Associates, VIC Enterprises, M B Finmart, and Milky Investment & Trading Company—to acquire an additional stake in REL. Mishra argued that after the Burman family—the promoters of consumer goods company Dabur Ltd—announced their intention to increase their stake in REL there had been volatility and disputes surrounding the family’s open offer. Proxy advisory firms InGovern and Institutional Investor Advisory Services have called for voting against a fresh five-year term for Saluja on REL's board, arguing that the protracted battle between the Saluja-led management and the Burman family and the resultant litigation could be a distraction for the company's board.

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History of this topic

Key investors question PIL that led to HC stay on Religare AGM
1 week, 3 days ago

Key investors question PIL that led to HC stay on Religare AGM

Live Mint  

Mumbai: Several large investors of Religare Enterprises Ltd have criticized the public interest litigation filed by an investor that led the Madhya Pradesh High Court to indefinitely stay the company's upcoming annual general meeting. Two leading proxy advisory firms have asked investors to vote against a fresh term for Saluja, arguing, among other things, that the takeover battle could distract …

Proxy advisors call for Rashmi Saluja's ouster from Religare; co backs her
2 weeks, 3 days ago

Proxy advisors call for Rashmi Saluja's ouster from Religare; co backs her

Live Mint  

Two leading proxy advisory firms have recommended Religare Enterprises investors Ltd to vote against giving a fresh five-year term on the company's board to chairperson Rashmi Saluja, further turning the odds against her re-appointment that was already hanging in the balance amidst her ongoing feud with the company's largest shareholders, the Burman family. Justifying their call for Saluja's ouster, proxy …

RBI approves Burmans’ open offer to acquire 26% stake in Religare
4 weeks, 1 day ago

RBI approves Burmans’ open offer to acquire 26% stake in Religare

New Indian Express  

NEW DELHI: The Reserve Bank on Tuesday approved the open offer of Burman family, the promoters of FMCG major Dabur, to acquire an additional 26% stake in NBFC firm Religare Enterprises Ltd. The central bank said it has granted its “approval for the proposed increase in shareholding of existing shareholders” -- four Burman family entities Puran Associates, VIC Enterprises, M …

RBI approves Burman family entities’ open offer to acquire 26 pc additional stake in REL
4 weeks, 1 day ago

RBI approves Burman family entities’ open offer to acquire 26 pc additional stake in REL

Live Mint  

New Delhi, Dec 10 The Reserve Bank has approved the open offer of Burman family -- the promoters of FMCG major Dabur -- to acquire an additional 26 per cent stake in NBFC firm Religare Enterprises Ltd. The Reserve Bank of India said it has granted its "approval for the proposed increase in shareholding of existing shareholders" -- four Burman …

Religare Enterprises share price hits 52-week high as RBI allows Burman family to raise stake in Company
Trending News
4 weeks, 1 day ago

Religare Enterprises share price hits 52-week high as RBI allows Burman family to raise stake in Company

Live Mint  

Religare Enterprises Limited achieved a milestone on Monday, with its shares surging to a 52-week high after at ₹304.60, on December 10, after receiving the Reserve Bank of India's approval for the Burman family's proposed stake increase, as per an exchange filing. Religare Enterprises share price was trading in the green, up 4.21 per cent, at ₹289.30, on December 10, …

Religare Enterprises’ stock hit 52-week high; surges over 9 pc
4 weeks, 2 days ago

Religare Enterprises’ stock hit 52-week high; surges over 9 pc

Live Mint  

New Delhi, Shares of Religare Enterprises surged more than 9 per cent on the bourses on Tuesday amid reports that the Reserve Bank of India has cleared Burman family's open offer to acquire an additional 26 per cent stake in the company. As of September 2024, the Burman family through its affiliates M B Finmart, Puran Associates, VIC Enterprises and …

Dabur owners' acquisition of additional 5.27% stake in Religare gets CCI nod
11 months, 2 weeks ago

Dabur owners' acquisition of additional 5.27% stake in Religare gets CCI nod

Hindustan Times  

The Competition Commission of India has okayed the acquisition of an additional 5.27% stake by entities controlled by the Burman family, which owns FMCG major Dabur India, in Religare Enterprises Limited, the anti-trust regulator said on Tuesday. “The stake has been acquired in Religare by Puran Associates Private Limited, MB Finmart Private Limited, VIC Enterprises Private Limited, and Milky Investment …

Burman Family refutes allegations by Religare independent directors: Report
1 year, 2 months ago

Burman Family refutes allegations by Religare independent directors: Report

Live Mint  

Burman Family has refuted the allegations of fraud and breaches made by Independent Directors of Religare Enterprises, a report said. The Burman Family has responded saying that the allegations by Religare Directors were baseless and devoid of any merit, CNBC-TV18 reported. The Burman family told the news channel that they had purchased all shares in Religare Enterprises transparently and there …

Mint Explainer: Dissecting the Burmans' hostile takeover bid for Religare
1 year, 2 months ago

Mint Explainer: Dissecting the Burmans' hostile takeover bid for Religare

Live Mint  

Behind the Burman family’s hostile takeover bid for Religare Enterprises Ltd. is a bigger gameplan triggered by the billionaire family’s ambition to plug that one missing piece in the group’s business that will arm it to compete with the likes of Mukesh Ambani, Ajay Piramal, Sanjiv Bajaj and Kumar Mangalam Birla in the country’s thriving financial services space. According to …

Dabur's Burman family to raise stake in Religare via ₹2,116 crore open offer
1 year, 3 months ago

Dabur's Burman family to raise stake in Religare via ₹2,116 crore open offer

Hindustan Times  

The Burman family, which holds a controlling stake in Dabur, made an open offer on Monday for an additional 26% stake in financial services company Religare for up to ₹2,116 crore, according to a filing. India's Burman family to raise stake in Religare. The Burmans, already the largest shareholder in Religare Enterprises with a 21% stake, intend to take control …

Burman family moves to take control of Religare Enterprises
1 year, 3 months ago

Burman family moves to take control of Religare Enterprises

Live Mint  

Mumbai: The Burman family, Religare Enterprises’ largest shareholder, is boosting its stake in the financial services company with the aim of taking control of the firm. The Burman family currently owns around 21% of Religare Enterprises through MB Finmart, Puran Associates, VIC Enterprises, and Milky Investment and Trading Co.—entities belonging to cousins Anand and Mohit Burman. The deal is still …

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