Religare Enterprises witnessed a sharp surge of over 10% in its stock price after reports emerged of the Reserve Bank of India’s (RBI) approval for the Burman family’s open offer to acquire an additional 26% stake in the company. The stock also hit 52-week high at 304.60
Key Highlights:
- RBI Approval: The RBI granted approval with conditions, including maintaining the current management structure and not appointing new directors at this stage. The approval is valid for one year.
- Stake Acquisition: The Burman family, promoters of Dabur India, plans to enhance their stake in Religare Enterprises with this open offer.
- Board Changes: While the approval marks a critical step, proposed board changes, such as appointing directors like Arjun Lamba and Abhay Agarwal, have not received clearance yet.
- Condition for Shareholding: Any reduction in the Burman family’s shareholding below the 26% mark will require fresh regulatory approval.
Stock Performance:
- As of 9:27 AM, Religare Enterprises shares traded 5.61% higher at ₹293.65.
- The stock has delivered strong returns, with a 14.03% gain over five days and 33.55% in six months.
- Year-to-date, the stock is up 37.39%, showcasing robust investor interest.
This development reinforces market confidence in Religare Enterprises as the company navigates its path under new strategic directions.
