India's Religare asked to seek regulatory nod for top investor raising stake
Written by Emily J. Thompson, Senior Investment Analyst
Updated: Jun 20 2024
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Source: reuters
- Regulatory Requirement for Religare Enterprises: India's markets regulator has instructed Religare Enterprises to seek approvals for the Burman family to acquire more shares in the company.
- Burman Family's Stake in Religare: The Burman family, known for Dabur India, raised its stake in Religare to nearly 25% last year, triggering an open offer requirement.
- Dispute Over Open Offer: Religare had attempted to block the Burmans from acquiring more shares, citing irregularities and statutory violations in the open offer.
- SEBI's Directive: The Securities and Exchange Board of India (SEBI) directed Religare to apply for regulatory approvals by July 12 and form a committee of independent directors.
- Market Response: Shares of Religare rose 4.5% following SEBI's interim order, despite falling about 13% since the Burman family announced the open offer.
About the author
Emily J. Thompson
Emily J. Thompson, a Chartered Financial Analyst (CFA) with 12 years in investment research, graduated with honors from the Wharton School. Specializing in industrial and technology stocks, she provides in-depth analysis for Intellectia’s earnings and market brief reports.
