Burman Family's Strategic Move Elevates Religare Shares

Shares of Religare Enterprises rose nearly 4% after the Reserve Bank approved the Burman family's open offer to acquire an additional 26% stake. This move is set to increase their ownership to over 56%, making them majority stakeholders. REL shares hit a 52-week high amid the developments.

Shares of Religare Enterprises experienced a significant boost, climbing nearly 4% following the Reserve Bank's sanction of an open offer by the Burman family. The Burman family, renowned for their association with FMCG giant Dabur, plans to acquire an additional 26% stake in this non-banking financial company.

Amid the regulatory green light, the central bank emphasized that the current board and management structure of Religare Enterprises must remain intact. Consequently, shares surged, closing at Rs 288.05 on the BSE, marking a 3.76% rise, and Rs 287.90 on the NSE, reflecting a 3.54% increase.

On their path to becoming majority stakeholders with over 56% ownership, the Burman family's strategic investment follows their Rs 2,116 crore announcement made last year. Religare's shares even reached a 52-week high during the trading day, underscoring market enthusiasm.

(With inputs from agencies.)