The shares of Religare Enterprises on Tuesday (December 10) soared nearly 10 per cent, hitting a fresh 52-week high of Rs 304.60 per share. The sudden surge in the stock prices of the company comes after the RBI granted approval for the Burman family to increase their stake in the financial services company.
This latest approval allows the Burmans to acquire an additional 26 per cent stake, bringing their total holding to 51 per cent.
Responding to this announcement, the Religare Enterprises stock reached a peak of Rs 304.60 during intra-day trading, up from an opening price of Rs 287.85 on the NSE. The stock closed up 3.54 per cent at Rs 287.90. The company’s stock price has already climbed 25 per cent in December alone.
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The Burman family’s stake in Religare Enterprises
The Burman family, known for their stake in Religare Enterprises through entities like Puran Associates, VIC Enterprises, and M.B. Finmart, had already made headlines with their open offer to buy a 26 per cent stake from public shareholders.
The RBI’s green light has added fuel to their ambition of increasing their shareholding to 51 per cent.
RBI’s Conditions for Stake Acquisition
“The acquirers are advised to consolidate the NBFCs in the resulting structure/group (both Burman and Religare group) at the earliest and not later than March 31 , 2026. In this regard, the acquirers are advised to submit a concrete and specific consolidation plan, with specific timelines, duly supported by Board Resolutions from each of the NBFCs within the groups, within 90 days from the date of this communication,” RBI in a letter sent to Religare Enterprises stated
The RBI’s approval came with specific conditions, including a requirement for the Burman family to submit a consolidation plan for the Non-Banking Financial Companies (NBFCs) in both the Burman and Religare groups. The plan must be submitted within 90 days. Additionally, any adverse regulatory or legal actions involving the acquirers or ultimate beneficial owners (UBOs) must be reported immediately.
“If the acquirers fail to acquire the proposed shareholding within a period of one year from the date of this letter,
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