Religare Enterprises Shares Surge as RBI Clears Burman Family's Acquisition Bid

Shares of Religare Enterprises surged over 9% on reports of RBI clearing the Burman family's proposal to acquire an additional 26% stake. The approval, with conditions to maintain current management, allows the family to become majority stakeholders. The Burmans already own 25.12% in Religare.

Shares of Religare Enterprises witnessed a significant spike on Tuesday, surging more than 9% following reports of the Reserve Bank of India's (RBI) nod for the Burman family's open offer to acquire an additional 26% stake in the company.

The RBI's approval is saddled with conditions, notably retaining the existing management structure without appointing new directors at this stage. The company's stock escalated 4.50% to Rs 290.55 on the NSE, peaking at a 52-week high of Rs 304.60 during intraday trading.

On the BSE, the shares hit Rs 288.95, marking a 4.09% increase, before reaching a 52-week high at Rs 304.30. This development marks a milestone for the Burman family, who, with a current 25.12% stake, are poised to achieve majority control in the financial services firm.

(With inputs from agencies.)