Religare Enterprises

The board also recommended the removal of directors Rashmi Saluja and Rakesh Asthaana from the boards of subsidiary companies and committees

The takeover saga began in September 2023 when the Burmans, holding a 25 per cent stake, made an open offer to acquire an additional 26 per cent

Stocks to Watch, Feb 21, 2025: Here is a list of stocks that could be buzzing in trade today

The Burman Group will work with Religare Enterprises' leadership and board to reinforce its strategic direction and enhance long-term value creation

Stocks to Watch, Feb 20, 2025: From Religare to Waaree Energies, here are few stocks that will remain on investors' radar today

Burmans' open offer of Rs 2,116 crore for the acquisition of additional 26 per cent stake in Religare Enterprises Ltd (REL) has received tepid response. As per the data of open offer, against 90,042,541 shares (26 per cent), only 231,025 shares (0.07 per cent) were tendered. The open offer for the acquisition of up to 9,00,42,541 fully paid-up equity shares of face value of Rs 10 each, representing 26 per cent of the expanded voting share capital of REL from the public shareholders by M B Finmart Pvt Ltd, Puran Associates Pvt Ltd, VIC Enterprises Pvt Ltd, and Milky Investment & Trading Company commenced on January 27, 2025. The open offer closed on February 13 and the date of payment of consideration was February 17, the data said. The tender price for open offer was fixed at Rs 235 per share. Following the open offer, the shareholding of four entities would rise to 24.02 per cent. Burmans, through four entities -- Finmart Pvt Ltd, Puran Associates Pvt Ltd, VIC Enterprises Pvt ...

Some legal experts believe the case may indicate the need for a review of Sebi's takeover norms

Regulator says application 'frivolous', not backed by financial capabilities; also questions due diligence of investment banker

The court also clarified that except for the modification of the time limit to deposit the said amount, other terms and conditions mentioned in the February 7 order will remain unaffected

Fresh petition filed on Tuesday states that the letter of offer does not adhere to the conditions set by RBI

Shareholders have right to remove/appoint directors, say lawyers

Over 97 per cent of shareholders voted against her reappointment; Saluja had contended that she is not liable to retire by rotation

US investor seeks American intervention to overcome regulatory hurdles in India

She had sought a permanent injunction to prevent her removal and to stop the resolution from being voted on at the AGM, scheduled for physical voting on Friday

Religare Enterprises on Wednesday said its independent director Hamid Ahmed resigned from the board of the company. Ahmed, who is CEO of Hamdard Laboratories India, Foods Division, ceased to be non-executive independent director of the company from February 4. He has tendered his resignation from the Board of Directors of the Company on February 4, 2025 with immediate effect, due to increasing scope of work in his family business, Religare Enterprises said in a regulatory filing. It is to be noted that the Burman family -- a promoter of Dabur India and other entities such as Eveready Industries -- through its entities, in September 2023 announced a Rs 2,116-crore open offer to Religare shareholders to acquire up to 26 per cent stake in the company. Soon after the open offer bid, Burmans complained to capital market regulator Sebi for violation of insider trading rules by the Religare chairperson Rashmi Saluja and appointment of board of her choice. However, it was contested by REL

Move paves the way for AGM, Burman open offer conclusion

Voting will begin from Tuesday and results are expected after the annual general meeting (AGM) scheduled for Friday

The HC observed that there was no valid competing offer at present before the market regulator, the Securities and Exchange Board of India (Sebi)

Executive chairperson has contended that her appointment is valid till 2028; Next hearing in the matter on February 4

US-based entrepreneur had sought nod to launch competing open offer