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Dabur's Burman family to raise stake in Religare via ₹2,116 crore open offer
The Burman family, the controlling stakeholder in Dabur, plans to acquire an additional 26% stake in Religare.
The Burman family, which holds a controlling stake in Dabur, made an open offer on Monday for an additional 26% stake in financial services company Religare for up to ₹2,116 crore ($255.03 million), according to a filing.
The Burmans, already the largest shareholder in Religare Enterprises with a 21% stake, intend to take control of the financial services company once the open offer is concluded, the offer document showed.
"The proposed transaction is in line with our vision to create a leading financial services platform that encompasses lending, broking and health insurance services," Dabur India Chairman Emeritus Anand Burman said in a statement.
The Burmans reserve the right to appoint directors to the board of Religare and require the company to implement changes in the management structure as determined by its board.
They intend to acquire more than 90 million shares at 235 rupees per share, according to the document.
Religare shares were down 1.6% in early trading. They last closed at 271.55 rupees.
