Shares of Religare witnessed nearly 1% jump in morning’s trading session after the company’s board commissioned an independent valuation report
Religare Enterprises Ltd’s board has taken a strategic step by initiating an independent valuation report, indicating their belief that the company holds a higher value than what the Burman family has proposed. The Burmans, who control Dabur Ltd, offered to acquire an additional 5.27% stake in Religare for ₹407 crore, prompting a mandatory open offer to buy another 26% stake from the public. Although the deal is pending regulatory approval, the Burmans have suggested a price of ₹235 per share, reflecting a 15% discount from the prevailing market price of ₹275 at the time.”
“The board has commissioned a valuation report, and 2-3 companies have been appointed to conduct the exercise,” the person said on condition of anonymity. The names of the entities could not be ascertained. The reports are expected in about two weeks, the person said.
At the time of reporting the company’s share were trading 1.17% up at ₹237.15
