Burman Family Greenlit for 26% Stake in Religare Enterprises

The Reserve Bank of India has approved the Burman family's open offer to acquire an additional 26% stake in Religare Enterprises Ltd. However, the RBI has directed them to maintain the current board structure and submit a consolidation plan by spring 2026. This move is contested by REL’s independent directors.

The Reserve Bank of India has greenlit the Burman family's open offer to acquire an additional 26% stake in Religare Enterprises Ltd (REL), an NBFC firm. The RBI has instructed to maintain REL's current board and management structure.

Four Burman family entities, including Puran Associates and Milky Investment & Trading Company, have obtained RBI approval to increase their shareholding in REL. They have until March 31, 2026, to consolidate the NBFC structures.

The independent directors of REL opposed the offer, citing allegations of fraud, leading to a stalemate involving the RBI, SEBI, and other regulators. The Burmans must draft a detailed consolidation plan supported by board resolutions and seek further approvals to hold over 26% post-open offer.

(With inputs from agencies.)