Financial services provider Religare Enterprises Limited (REL) offers a variety of products. The company’s main areas of concentration include loans, health insurance, and retail broking.
The Burman Family on Wednesday acquired a 7.5 per cent stake in diversified financial services group Religare Enterprises for Rs 534 crore through open market transactions.
Following the stake purchase, shares of Religare Enterprises zoomed 6 per cent to close at Rs 233.35 apiece on the BSE.
The three entities — Puran Associates, Vic Enterprises and M B Finmart — of the Burman Family acquired the shares of Religare Enterprises.
According to the block deal data available with BSE, Puran Associates, Vic Enterprises and M B Finmart purchased a total of 2.45 crore shares, amounting to a 7.5 per cent stake in Religare Enterprises.
The shares were bought at an average price of Rs 217.95 apiece, taking the combined transaction value to Rs 533.97 crore.
Meanwhile, these shares were offloaded by Singapore-based entity Investment Opportunities V Pte in three tranches at the same price.
Puran Associates is owned by Anand Burman and Minnie Burman, while V C Burman owns Vic Enterprises. M B Finmart is owned by Mohit Burman.
The Burman Family, which owns a controlling stake in Dabur and Eveready Industries, already owns a 14 per cent stake in Religare Enterprises through various entities at the end of the June quarter.
Last week, Religare Enterprises reported a narrowing of standalone net loss to Rs 6 crore for the June quarter. The company posted a loss of Rs 14 crore in the year-ago period.
Its total revenues increased to Rs 8 crore during the quarter under review as against Rs 7 crore a year ago.
