CORPORATE
Burmans take control of Religare after a long battle with Rashmi Saluja
- IBJ Bureau
- Feb 21, 2025
The Burman family has acquired control of Delhi-based financial services company Religare Enterprises (REL) and are designated as its promoters after almost 18 month of a takeover battle. “We are grateful to our regulators, shareholders and other stakeholders for their trust and confidence,” the Burman family said in a statement.
“Our immediate priority is to instill stability, strengthen governance and drive sustainable growth at the company. Governance, trust and integrity will remain at the core of our vision as we steer REL towards a future defined by resilience and stakeholder value maximisation,” the statement quoting the Burman Group’s spokesperson said.
The takeover battle for Religare began in September 2023, when the Burmans of the Dabur group, having reached a 25 per cent stake in the company, had made an open offer to acquire an additional 26 per cent. But the senior management, led by then Chairperson Rashmi Saluja, had opposed the offer, contending that the price of Rs 235 per share undervalued the company. In a communication to the regulators, the then board had also raised questions on whether the Burmans met the “fit and proper” criteria of the regulators. The Burman family had said that they are successfully operating insurance firms and an NBFC and hence meet all the criteria.
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