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Shares of Religare Enterprises were in high demand on Thursday, after media reports suggested that the Madhya Pradesh High Court has dismissed a petition against regulators RBI and Sebi regarding the Annual General Meeting (AGM) and open offer of Religare Enterprises, clearing the path for the AGM to proceed.
Following this development, shares of Religare Enterprises surged 6.4 per cent at Rs 299.50 a piece on the BSE in intraday deals.
The delay in the open offer for Religare Enterprises was caused by a legal dispute, with the company’s leadership, headed by Chairperson Rashmi Saluja, raising objections regarding the offer price and the credentials of the Burman family.
In December 2024, the Madhya Pradesh High Court had issued a temporary stay on the AGM after an investor filed a writ petition. The court's order, dated December 18, halted the AGM scheduled for December 31, 2024, until further instructions.
Also Read: MP High Court stays Religare's AGM and open offer by Burman family
This AGM holds particular importance as Rashmi Saluja, the only non-independent director, is due for reappointment. Company rules require her position to be reaffirmed at every AGM.
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The open offer, priced at Rs 235 per share, totals Rs 2,116 crore for the additional stake. Should it succeed, the Burman family’s shareholding in Religare Enterprises would surpass 50 per cent, resulting in the transfer of management control to the promoters of Dabur. The Burmans have already obtained necessary approvals from the Competition Commission of India (CCI), the Insurance Regulatory and Development Authority of India (IRDAI), stock exchanges, RBI, and SEBI.
Meanwhile, insider trading allegations have surfaced, with the Burman family accusing Rashmi Saluja of selling shares while in possession of undisclosed price-sensitive information.
The Ministry of Corporate Affairs has also instructed the Serious Fraud Investigation Office (SFIO) to investigate the operations of Religare Enterprises and Religare Finvest.
At 1:39 PM, the stock price of the company was trading 3.41 per cent higher at Rs 291 a piece on the BSE. By comparison, the BSE’s Sensex was down 0.68 per cent to
77,620.84 level.
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