Burman Group gets control of Religare Enterprises Limited

On February 20, 2025, the Burman Group announced that it had taken control of the company RELIVE ENERPRISES LIMITED (ReL), which was appointed to its headquarters, and was appointed as its promoters. The company emphasized its primary focus on stabilizing, enhancing governance, and promoting sustainable growth within the organization.

“We are pleased to announce that we have gained control of the Religare Enverprises Limited (Rel) and we were appointed as its promoters. We are grateful to our organizers, shareholders and other interests of their confidence and confidence,” the group said in an official statement.

The Burman Group will cooperate with the REL leadership and the Board of Directors to enhance its strategic vision and advance the growth of sustainable value.

“We have always invested in the business with strong basics and high growth capabilities, and we will apply the same disciplined approach to religious companies with the highest levels of government. This was the intention that we launched our open offer to control, and we remain committed to that,” the spokesman added.

Burmanz made an open width of 2,116 rupees for an additional 26 percent stake in Religare Enterprises Ltd (ReL). However, the response to this offer was minimal, as 231,025 shares (0.07 percent) were offered among the shares of 9 crores (26 percent). The lukewarm response to Burman’s open offer indicates that there is no share of shareholders.

The open offer, which was to acquire up to 9,00,42,541 shares paid fully paid at a value of 10 rupees each, which represents 26 percent of the expanded vote capital of public shareholders, written by MB Finmart Pvt Ltd and Puran Associats PVT LTD, Vic Enterprises Pvt Ltd and Milky Investment & Trading Company on January 27, 2025.

After the open offer was closed on February 13, the date for payment of February 17 was, according to the data provided.

In September 2023, the Burman family, Muruj Dabor India and other entities such as EVEREADY Industries announced an open offer of 2116 rupees for the REL shareholders to acquire up to 26 percent in the company.

After that, in January 2024, four entities bought 3.6 percent stake in Religare Enterprises compared to 277 rupees through open market transactions. Puran Associas, Vic Enterprises and MB Finmart have all the entities of the Burman family, on shares at Religare Entertainmentes.

PURAN Associats, owned by Anand Burman and Mini Burman, shows VC Burman ownership of VIC, and MB Finmart ownership of the family’s constant interest in diversifying its investments in the financial services industry.