Dabur promoter Burman family announces Rs 2,116 crore open offer for 26% stake in Religare

New Delhi: Entities belonging to the Burman family, the promoter of Dabur India, on Monday announced Rs 2,116 crore open offer to the shareholders of Religare Enterprises Limited (REL) to acquire up to 26 per cent stake in the company.

The open offer is made with the intention to increase the family's stake and take control of REL. Post offer the family's stake in the financial services firm is expected to increase from about 21 per cent at present to 51 per cent.

MB Finmart Private Ltd (Acquirer 1), Puran Associates Private Ltd (Acquirer 2), VIC Enterprises Private Ltd (Acquirer 3), and Milky Investment & Trading Company (Acquirer 4) have announced an open offer for acquisition of up to 90,042,541 fully paid-up equity shares of face value of Rs 10 each from the public shareholders of the company representing 26 per cent of the expanded voting share capital of the firm, at a price of Rs 235 per unit, REL said in a regulatory filing.

The total consideration for the open offer is Rs 21,159,997,135 payable in cash, it said.

Shares of REL was trading at Rs 256.40, down 5.89 per cent, in the afternoon trade on the BSE.

The completion of the open offer is subject to receipt of statutory approvals required, to be set out in the detailed public statement and the letter of offer that are proposed to be issued in accordance with the SEBI (SAST) Regulations, Dabur said in a statement.

Speaking on the development, Anand C Burman, Chairman Emeritus, Dabur India Limited, said: "The proposed transaction is in line with our vision to create a leading financial services platform that encompasses lending, broking and health insurance services. We are convinced that REL is the right platform and positioned for sustained success." JM Financial Limited acted as the exclusive financial advisor to the acquirers and shall act as the manager to the open offer, it said.