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The Burman family's open offer saw minimal participation, with only 0.07% (2,31,025 shares) of the offered equity being tendered. However, the family already held a 21.10% stake in Religare Enterprises prior to the offer, which increased to 25.16% (8,32,01,819 equity shares) after the offer's conclusion.
Their position was already strengthened by open market purchases on 31 January 2024, where they acquired about 3.99% stake (1,32,00,000 equity shares). These acquisition were made through Burman family-owned entities M.B. Finmart Private Limited (MFPL), Puran Associates Private Limited (PAPL), VIC Enterprises Private Limited (VIC), and Milky Investment & Trading Company (MITC).
These strategic acquisitions have allowed the Burmans to effectively take control of Religare Enterprises. The share price surge reflects investor confidence in the Burman family's leadership. This takeover marks the end of a protracted dispute involving ousted chairperson Rashmi Saluja and US-based investor Danny Gaekwad.
Religare Enterprises is a diversified financial services group present across three verticals. It offers an integrated suite of financial services through its underlying subsidiaries and operating entities, including loans to SMEs, affordable housing finance, health insurance and retail broking.
On a consolidated basis, Religare Enterprises reported net loss of Rs 43.08 crore in Q3 December 2024 as against net profit of Rs 19.50 crore in Q3 December 2023. Total income rose 8.65% year-on-year to Rs 1,670.24 crore in Q3 December 2024.
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BOB Capital Markets Limited (BOBCaps) is firmly committed to the safety of your wealth. We would like to bring to your notice certain precautions that you certainly must take against potential tele-fraudsters/ unscrupulous and unregistered portfolio managers:
ALWAYS AVOID
Certain tele-fraudsters / unscrupulous and unregistered portfolio managers call customers or SMS them on the pretext of providing investment tips and lure them to invest through their bogus firms by promising huge profits. Such deceitful callers ask the customer to share his/her login credentials with passwords to allow trading in their accounts, assuring huge returns. Often trades done in the customer’s accounts are far from the best interest of the customers. Holdings of customers are often sold and with the funds, trades are then placed in illiquid securities at unrealistic prices. At times, the holdings of customers are sold at prices detrimental to the customer.
The so-called “portfolio manager” assures profits, which naturally does not materialize. Customers are deceived into providing access to their trading accounts, thereby allowing such fraudsters access to funds and securities available to execute trades, injurious to the customer’s interest.
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The following illicit activities by the persons named herein have come to the notice of Stock Exchanges: