Dabur’s Burman family has picked up an additional stake in Religare Enterprises Ltd (REL) which will bring the family’s shareholding close to 22%, Mohit Burman, Dabur chairman, who is invested in Religare in his personal capacity, said in an emailed response.
“We bought approximately 2.4 crore shares which is 7%. This bring our total shareholding close to 22%,” Burman said, adding that this is a financial investment for the Burman family.
The shares were traded at ₹217.95 apiece, according to the BSE. This puts the size of the deal at around ₹534 crore.
The Burman family began making financial investments outside of its primary business Dabur Ltd after the separation of management and ownership, Burman told Mint on 2 January 2023.
In addition to Dabur, Mohit Burman is invested in Eveready Industries, two insurance companies (Aviva Life Insurance, Universal Sompo General Insurance), as well as a QSR (Quick Service Restaurants) business under Taco Bell. He also owns a stake in Kings Punjab, the IPL franchise.
Earlier in December 2022, other members of the larger Burman family—Amit Burman and Saket Burman—sold 1% stake to raise over ₹1,000 crore to fund their private ventures, Mint reported at the time.
On Wednesday, the shares of Religare Enterprises hit a 52-week high of ₹242.55 per share, before settling at around ₹233.35 per share at the end of trading hours on the exchanges.
Religare Enterprises reported a consolidated net profit of ₹92.53 crore over a revenue of ₹1,302.46 crore in the quarter ended June 2023, against a net loss of ₹76.20 crore over a revenue of ₹1,051.07 crore in the June 2022 quarter.
“We value the continued support and confidence of our shareholders. This development not only reflects their trust in our company’s vision but also serves as a testament to the strong corporate governance and business performance exhibited by the management. We continue to remain focussed on delivering high quality growth of Religare Group,” Dr Rashmi Saluja, Executive Chairperson, Religare Enterprises ltd said in a statement.
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Updated: 17 Aug 2023, 12:47 PM IST