The Burman Group announced on February 20 it has acquired control of Religare Enterprises Limited (REL) and has been designated as its promoters. The Group said their immediate priority is to instil stability, strengthen governance, and drive sustainable growth at the company. The Burman family — a promoter of Dabur India and other entities such as Eveready Industries — through its entities, in September 2023 announced a Rs 2,116-crore open offer to REL shareholders to acquire up to 26 per cent stake. As per the data of open offer, against 90,042,541 shares (26 per cent), only 231,025 shares (0.07 per cent) were tendered. The shareholding of the Burman group post the Open Offer and acquisition is 83,201,819 equity shares representing 25.16 percent of the outstanding paid-up Share Capital of REL, as per the release. Burmans complained to capital market regulator Sebi for violation of insider trading rules by then chairperson Rashmi Saluja and appointment of board of her choice. However, it was contested by REL independent directors, who raised red flags alleging fraud and other breaches.
