Religare Enterprises Ltd (REL) has received Reserve Bank of India (RBI) approval for an increase in shareholding by acquirers Puran Associates, VIC Enterprises, M.B. Finmart, and Milky Investment under the Master Direction – Core Investment Companies (CIC) framework. This approval permits the acquirers to consolidate the shareholding structure, subject to specific regulatory and operational conditions.
Key conditions imposed by the RBI include the submission of a comprehensive consolidation plan for non-banking financial companies (NBFCs) by March 31, 2026. The acquirers are required to adhere to SEBI’s public notice requirements and RBI’s Master Directions. Additionally, any adverse regulatory or legal actions involving the Ultimate Beneficial Owners (UBOs) must be promptly communicated to the RBI.
Religare Enterprises must comply with ongoing regulatory statutes, inform the RBI upon acquiring 26% or more shareholding, and adhere to public disclosure mandates. Non-compliance or failure to execute the proposed shareholding increase within a year may result in the cancellation of the approval. The move signifies a significant step in streamlining Religare’s governance and operational framework.