This move will increase the holding of Burman family in Religare Enterprises Ltd (REL) and will surpass 56 per cent, enabling them to become majority owners in the financial services firm
New Delhi: Shares of Religare Enterprises climbed nearly 4 per cent on Tuesday after the Reserve Bank approved the open offer of Burman family — the promoters of FMCG major Dabur — to acquire an additional 26 per cent stake in NBFC firm, the holding company for Care Health Insurance.
The central bank also directed to maintain the current board/management structure of REL.
The Burman family — a promoter of Dabur India and other entities such as Eveready Industries — through its entities, had in September last year announced a Rs 2,116-crore open offer to REL shareholders to acquire up to 26 per cent stake in the company.
This move will increase the holding of Burman family in Religare Enterprises Ltd (REL) and will surpass 56 per cent, enabling them to become majority owners in the financial services firm.
The shares of the company climbed 3.76 per cent to end at Rs 288.05 per piece on the BSE. On the National Stock Exchange (NSE), it jumped 3.54 per cent to settle at Rs 287.90 apiece.
During the day, shares of Religare Enterprises Ltd (REL) surged more than 9 per cent to hit its 52-week high of Rs 304.60 and Rs 304.30 per share, respectively, on the NSE and BSE.
In volume trade, 1.09 crore equity shares of Religare were traded on the NSE, while 2.68 lakh scrips exchanged hands on the BSE during the day.
The 30-share BSE Sensex rises 1.59 points to close flat at 81,510.05, while NSE Nifty fell 8.95 points or 0.04 per cent to settle at 24,610.05.