 "Burman family is a 'long-term investor' in Religare, says Mohit Burman")
The Burman family is a "long-term investor" in Religare Enterprises, which it views as a unique financial services platform, Dabur India Ltd Chairman Mohit Burman said on Thursday.
On Wednesday, the Burman family increased its stake in Religare Enterprises to 21 per cent from 14 per cent by buying shares of the diversified financial services company, aggregating 7.5 per cent, from the open market.
Subsequently, the family became the single largest shareholder in Religare Enterprises.
"We are long-term investors in Religare Enterprises. The family has been invested in Religare for the past five years, and we felt that this was an opportune moment to increase our stake in the company," Mohit, a member of the Burman family, told PTI.
He further said the subsidiaries of Religare Enterprises are doing very well, especially in the health insurance and retail broking business.
"We believe that these businesses are on a strong footing. Ably guided, they should do well going forward. We also view Religare as a unique financial services platform," Mohit added.
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Three Burman Family entities -- Puran Associates, Vic Enterprises and M B Finmart -- acquired a 7.5 per cent stake in Religare Enterprises for Rs 534 crore through open market transactions.
According to the block deal data available with BSE, Puran Associates, Vic Enterprises, and M B Finmart purchased a total of 2.45 crore shares, amounting to a 7.5 per cent stake in Religare Enterprises.
The shares were bought at an average price of Rs 217.95 apiece, taking the combined transaction value to Rs 533.97 crore.
It already had a 14 per cent stake in Religare Enterprises through various entities at the end of the June quarter.
Puran Associates is owned by Anand Burman and Minnie Burman, while V C Burman owns Vic Enterprises. M B Finmart is owned by Mohit Burman.
The Burman family, which is a promoter of homegrown FMCG and Ayurveda company Dabur had last year through its entities acquired shares of Eveready Industries, taking its holding to nearly 40 per cent.
It had become the promoter of the Kolkata-based flashlight and battery maker.