Page 2 - Religare Enterprises

RBI asks Religare to submit fresh application for stake transfer of RHDFCL

The Reserve Bank of India has rejected Religare Enterprises' proposal to buy 87.5 per cent stake in Religare Housing Development Finance Corporation Limited (RHDFCL), a subsidiary company of Religare Finvest Ltd., and asked it to submit a fresh application. Religare Finvest Limited (RFL) is a wholly owned subsidiary of Religare Enterprises. Religare Enterprises entered into a Share Purchase Agreement on April 5 with Religare Finvest Limited and Religare Housing Development Finance Corporation Limited for acquisition of entire 87.5 per cent equity stake of RHDFCL held by RFL, Religare Enterprises said in a regulatory filing on Thursday. The Reserve Bank of India (RBI) has returned the application made by RHDFCL for prior approval with an advice to submit a fresh one with complete information, it said. In pursuance of the Share Purchase Agreement, RHDFCL would submit the application in due course, it added. RFL was put under the Corrective Action Plan Framework by the RBI in January

Religare board has no power to reject open offer for company: Burmans

The independent directors, however, have the powers to make a recommendation to the shareholders, lawyers said

Kedaara Capital backs decision made on ESOPs issued to Religare Chairperson

Religare Enterprises on Monday said that Kedaara Capital, the largest shareholder of Care Health Insurance, backed the decision made by the board to issue ESOPs to Religare Chairperson Rashmi Saluja. The clarification comes amid allegations by the Dabur family, which is trying to obtain a controlling stake in Religare Enterprises Ltd (REL), that Saluja allegedly violated IRDAI and Sebi norms. REL is the promoter of Care Health Insurance and Saluja is chairperson of the insurer as well. "Kedaara is a proud shareholder of Care Health Insurance. Led by a best-in-class management team and guided by a strong board, the company has always had the highest standards of governance, compliance and operational excellence," Kedaara Capital Managing Partner Sunish Sharma said in a statement. "We look forward to continuing to support it as it goes from strength to strength," it added. Burman family -- the promoters of Dabur -- has filed a complaint with regulatory authorities seeking a probe in

Religare board rallies behind chairperson Saluja, defends her share sale

Financial services company rejects Ingovern's allegation of excessive remuneration

No plans to change board after Religare buy: Dabur Chairman Mohit Burman

Burman said the family office has been a shareholder of REL since 2018 and participated in its two preferential issues in 2018 and 2021

Saluja's remuneration meets legal, corporate governance norms: Religare

The actual sale of shares that happened on 21st and 22nd September by Saluja was made at then prevalent market price

Stocks to Watch: Infosys, HCLTech, Maruti, IDBI Bank, Tata Motors, Religare

Stocks to watch on October 13, 2023: Infosys has lowered its FY24 constant currency revenue growth guidance for a second time to 1.0-2.5 per cent from 1-3.5 per cent earlier

Market regulator Sebi examining Burmans' open offer for Religare Ent

On September 26, the Burman family announced the open offer to acquire an additional 26 per cent stake in Delhi-based Religare Enterprises, costing up to Rs 2,116 crore

Religare asks police to probe allegations linked to previous leadership

Religare provides loans to small and mid-sized businesses and also has health insurance and broking services units

Burmans seek control of Religare Enterprises, make open offer to buy 26%

The entities are now looking to acquire 90,042,541 shares at a face value of Rs 235 per share

Religare Ent sinks 7% as Burman family makes open offer for 26% stake

Burman family, which holds a controlling stake in Dabur, announced an open offer for a 26 per cent stake in Religare Enterprises for up to Rs 2,116 crore

Burman family makes open offer to acquire 26% stake in Religare Enterprises

In August, the family acquired a 7.5 per cent stake in Religare Enterprises for Rs 534, taking its total stake to 21 per cent

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 al

Burman Family buys 7.5% stake in Religare Enterprises for Rs 534 cr

The Burman Family on Wednesday acquired a 7.5 per cent stake in diversified financial services group Religare Enterprises for Rs 534 crore through open market transactions. Following the stake purchase, shares of Religare Enterprises zoomed 6 per cent to close at Rs 233.35 apiece on the BSE. The three entities -- Puran Associates, Vic Enterprises and M B Finmart -- of the Burman Family acquired the shares of Religare Enterprises. 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. Meanwhile, these shares were offloaded by Singapore-based entity Investment Opportunities V Pte in three tranches at the same price. Puran Associates is owned by Anand Burman and Minnie Burman, while V C Burman owns Vic Enterprises. M B

Block deal impact: JSW Energy, Religare surge up to 10%, hit 52-week highs

Religare Enterprises hit a 52-week high of Rs 242.55, soaring 10% after around 25 million equity shares changed hands on the BSE till 03:14 PM

NCLT dismisses plea seeking insolvency proceedings against Religare

The National Company Law Tribunal (NCLT) on Tuesday dismissed a plea to initiate insolvency proceedings against Religare Enterprises Ltd observing that it was a financial service provider and does not come under the ambit of the Insolvency & Bankruptcy Code (IBC). A principal bench headed by NCLT President Justice Ramalingam Sudhakar and Atul Chaturvedi held that the petition filed by Ligare Aviation Ltd against Religare Enterprises was "not maintainable" and does not fall under the definition of "Corporate Debtor", which means a corporate person who owes a debt to any person. "We are of the considered view that the corporate debtor (Religare Enterprises) as alleged does not come within the meaning of corporate person and therefore, we are unable to accept the prayer of the applicant to initiate the CIRP against the Corporate Debtor," said NCLT. Ligare Aviation has approached NCLT against Religare Enterprises, which is a corporate guarantor of the principal borrower Auriga ...

Religare Enterprises reports net profit at Rs 20 cr in March quarter

Religare Enterprises on Thursday posted Rs 20 crore profit on a standalone basis for the fourth quarter ended March 2023. The company had registered a net loss of Rs 7 crore in the January-March quarter of the preceding fiscal. The total income increased to Rs 41 crore against Rs 8 crore in the same quarter a year ago, Religare Enterprises said in a regulatory filing. Its total expenses swelled to Rs 21 crore against Rs 15 crore earlier, it added. On a consolidated basis, Religare Enterprises posted a loss of Rs 3,517 crore for the fourth quarter against a loss of Rs 588 crore a year ago. The company continues to be barred from declaring dividends as per an RBI letter issued in December 2019, it said. Last month, Religare Enterprises said it will acquire Indian Express Group's insurance web aggregator MyInsuranceClub in an all-cash deal. The company said in a statement that it has signed a share purchase agreement for the proposed acquisition of MyInsuranceClub from iGear Holdin

Sebi bars Vistaar Capital for a year, orders winding up of Film Fund

Scheme was to expire in 2013 but was not liquidated and failed to maintain records: Regulator

Religare Enterprises to enter ARC business, float QIP in early FY24

Delhi-based group expects to resume lending by Religare Finvest Ltd, a wholly-owned subsidiary

Sebi issues demand notice to Singh brothers in fund diversion case

Failure to pay the fines could lead to attachment and sale of properties