Religare Enterprises on Monday said the Burman group entities namely MB Finmart, Puran Associates, VIC Enterprises and and Milky Investment & Trading Company have announced an open offer for acquisition of up to 90,042,541 fully paid-up equity shares of Religare from public shareholders, representing 26 per cent of the expanded voting share capital.
The offer price has been set Rs 235 a piece, which is at a 13.74 per cent discount to Friday’s closing price of 272.45. The Burman group is the single largest shareholder in Religare Enterprises.
“The proposed transaction is in line with our vision to create a leading financial services platform that encompasses lending, broking and health insurance services.We are convinced that Religare is the right platform and positioned for sustained success. With our guidance, REL will continue its journey to being one of India’s distinguished financial services platforms,” said Anand C Burman, Chairman Emeritus, Dabur India.
At Rs 235 apiece, the total consideration for the 26 per cent stake would stand at Rs 2,115.99 crore, payable in cash. MB Finmart (1.71 per cent), Puran Associates (5.61 per cent), VIC Enterprises (3.72 per cent) and Milky Investment & Trading Company (2.94 per cent) were among public shareholders in the company, as on June 30.
But on August 16, the Burman group upped stake in Religare Enterprises to about 21 per cent in the diversified financial services company by buying 2,45,01,000 shares at Rs 217.95 apiece from the open market. Dabur India Chairman Mohit Burman had in August said the Burman family was a long-term investor in Religare Enterprises and that it views it as a unique financial services platform.
