The Burmans already hold more than 21% stake in Religare and intend to take control of the company once the open offer is concluded, the offer document showed. The Burman Family holds the stake through its entities M.B. Finmart, Puran Associates, VIC Enterprises and Milky Investment & Trading Company.

The open offer is triggered as the Burman family is set to acquire another 5.27% stake, which will take their total stake to 26.81%.

The open offer is for another 90,042,541 fully paid-up equity shares, or 26% of the expanded voting share capital of Religare Enterprise, at a price of Rs 235 per equity share (the “offer price”) aggregating to a total consideration of up to Rs 2115,99,97,135, payable in cash.

Religare Enterprises is a diversified financial services group present across three verticals. REL offers an integrated suite of financial services through its underlying subsidiaries and operating entities, including loans to SMEs, affordable housing finance, health insurance and retail broking.

Religare Enterprises reported net profit of Rs 62.96 crore in Q1 June 2023 as against net loss of Rs 75.99 crore in Q1 June 2022. Total income rose 23.9% YoY to Rs 1302.46 crore in Q1 June 2023.