By using this site, you agree to the Privacy Policy and Terms of Use.
Accept

Parami News

  • Home
  • Politics
  • India
  • World
  • Business
  • Entertainment
  • Regional
  • Sports
  • Web Stories
Search
© 2024 Parami News. All Rights Reserved.
Reading: RBI approves Burman family entities’ open offer to acquire 26% additional stake in REL
Share
Sign In
Notification Show More
Font ResizerAa

Parami News

Font ResizerAa
Search
  • Home
  • Politics
  • India
  • World
  • Business
  • Entertainment
  • Regional
  • Sports
  • Web Stories
Have an existing account? Sign In
Follow US
© 2022 Foxiz News Network. Ruby Design Company. All Rights Reserved.
Parami News > Blog > India > RBI approves Burman family entities’ open offer to acquire 26% additional stake in REL
India

RBI approves Burman family entities’ open offer to acquire 26% additional stake in REL

Atulya Shivam Pandey
Last updated: December 10, 2024 5:10 pm
Atulya Shivam Pandey
Share
3 Min Read
RBI approves Burman family entities’ open offer to acquire 26% additional stake in REL
SHARE

[ad_1]

The Reserve Bank has approved the open offer of Burman family — the promoters of FMCG major Dabur — to acquire an additional 26% stake in NBFC firm Religare Enterprises Ltd (REL).

The central bank also directed maintaining of the current board/management structure of REL.

The Reserve Bank of India (RBI) said it has granted its “approval for the proposed increase in shareholding of existing shareholders” — four Burman family entities Puran Associates, VIC Enterprises, M B Finmart, and Milky Investment & Trading Company — in Religare Enterprises Ltd (REL).

“The acquirers are advised to consolidate the NBFCs in the resulting structure/ group (both Burman and Religare group) at the earliest and not later than March 31, 2026,” the RBI said in a letter to Chairman of Religare Enterprises, a copy which was shared to the exchanges.

“The request for change of management/appointment of four proposed directors — Abhay Agarwal, Arjun Lamba, Ramanathan Gurumurthy, and Suresh Mahalingam does not have our approval at this stage,” it said.

It has “advised” REL to submit the names of the proposed directors, along with the board resolution, after ensuring that they are “fit and proper”.

The Burman family — a promoter of Dabur India and other entities such as Eveready Industries — through its entities, had in September last year announced a ₹2,116-crore open offer to REL shareholders to acquire up to 26% stake in the company.

However, it has been contested by REL independent directors, who raised red flags alleging fraud and other breaches by Burman family entities and approached regulators, including markets regulator Sebi, the RBI and the Insurance Regulatory and Development Authority.

Burmans’ are yet to receive a go-ahead from Sebi over its proposed open offer.

The RBI has advised Burmans “to submit a concrete and specific consolidation plan, with specific timelines, duly supported by board resolutions from each of the NBFCs within the groups, within 90 days from the date of this communication”.

It has also directed that it has to be informed about the date on which the Burmans acquired 26% or more of the paid-up share capital of the NBFC.

The Reserve Bank further said if after the open offer, Burmans’ shareholding in the REL “falls below 26%, prior approval of RBI will be required to increase the shareholding of the acquirers in the NBFC to 26% or more”.

As of September 30, 2024, Burmans, through its four entities, collectively own a 25.12% stake in REL.

Shares of Religare Enterprises Ltd were trading at ₹287.75 on the BSE, up 3.66% from the previous close.

Published – December 10, 2024 04:59 pm IST

[ad_2]

Source link

You Might Also Like

Graduation ceremony held for university colleges of engineering students

Staff of A.P. Raj Bhavan participate in Sankranthi celebrations

Two dozen workers trapped in Kannauj railway station building collapse

Bihar’s first sports university gets UGC recognition

Singer P. Jayachandran cremated with State honours in Chendamangalam

Sign Up For Daily Newsletter

Be keep up! Get the latest breaking news delivered straight to your inbox.
By signing up, you agree to our Terms of Use and acknowledge the data practices in our Privacy Policy. You may unsubscribe at any time.
Share This Article
Facebook Twitter Copy Link Print
Share
Previous Article C5i promotes Nitesh Jain to CEO

 | Parami News C5i promotes Nitesh Jain to CEO | Parami News
Next Article Inside ‘Rail Force One’: The trains that take world leaders to Ukraine Inside ‘Rail Force One’: The trains that take world leaders to Ukraine

Stay Connected

235.3kFollowersLike
69.1kFollowersFollow
11.6kFollowersPin
56.4kFollowersFollow
136kSubscribersSubscribe
4.4kFollowersFollow

Latest News

Harry Meghan LA Fire Victims: Major outrage over Harry-Meghan’s visit to LA fire victims: ‘You are not royals…merely two nitwit celebrities’
Harry Meghan LA Fire Victims: Major outrage over Harry-Meghan’s visit to LA fire victims: ‘You are not royals…merely two nitwit celebrities’
World January 11, 2025
‘My chapter is over’: Bangladesh veteran Tamim Iqbal retires from international cricket | Cricket News
‘My chapter is over’: Bangladesh veteran Tamim Iqbal retires from international cricket | Cricket News
Sports January 11, 2025
Pakistan anti-terrorism court grants bail to more than 150 workers of Imran Khan’s party

 | Parami News
Pakistan anti-terrorism court grants bail to more than 150 workers of Imran Khan’s party | Parami News
Most Recent Stories January 11, 2025
Virat Kohli and Rohit Sharma will find form again, says England pacer Tymal Mills | Cricket News
Virat Kohli and Rohit Sharma will find form again, says England pacer Tymal Mills | Cricket News
Sports January 11, 2025
//

We influence 20 million users and is the number one business and technology news network on the planet

Quick Link

  • About Us
  • Contact Us
  • Advertise With Us
  • DNPA Code of Ethics
  • Disclaimer
  • Privacy Policy

Top Categories

  • Business
  • Entertainment
  • India
  • Politics
  • Regional
  • Sports

Sign Up for Our Newsletter

Subscribe to our newsletter to get our newest articles instantly!

Follow US
© 2024 Parami News. All Rights Reserved.
Manage Consent
To provide the best experiences, we use technologies like cookies to store and/or access device information. Consenting to these technologies will allow us to process data such as browsing behavior or unique IDs on this site. Not consenting or withdrawing consent, may adversely affect certain features and functions.
Functional Always active
The technical storage or access is strictly necessary for the legitimate purpose of enabling the use of a specific service explicitly requested by the subscriber or user, or for the sole purpose of carrying out the transmission of a communication over an electronic communications network.
Preferences
The technical storage or access is necessary for the legitimate purpose of storing preferences that are not requested by the subscriber or user.
Statistics
The technical storage or access that is used exclusively for statistical purposes. The technical storage or access that is used exclusively for anonymous statistical purposes. Without a subpoena, voluntary compliance on the part of your Internet Service Provider, or additional records from a third party, information stored or retrieved for this purpose alone cannot usually be used to identify you.
Marketing
The technical storage or access is required to create user profiles to send advertising, or to track the user on a website or across several websites for similar marketing purposes.
Manage options Manage services Manage {vendor_count} vendors Read more about these purposes
View preferences
{title} {title} {title}
Welcome Back!

Sign in to your account

Lost your password?