The Burman family has announced dates for the takeover of Religare Enterprises Ltd. M.B. Finmart Pvt., Puran Associates Pvt., VIC Enterprises Pvt., and Milky Investment & Trading Co.— entities owned by the Burman family— have requested the NSE for usage of web-based bidding platform.
The takeover offer will be open from Jan. 27 to Feb. 7. The issue will be of up to 9,00,42,541 equity shares, according to an exchange filing.
The issue will have a fixed price of Rs 235, with Rs 10 face value each. The merchant banker for the issue is JM Financial Ltd., while KFin Technologies Ltd. is the registrar.
The bidding categories include foreign institutional investors, mutual funds, insurance companies and banks, along with others. All trading members of the capital market segment are eligible to participate in the tender offer facility.
Earlier, the Burman family, through its entities, had placed orders to acquire up to 1.73 crore equity shares, representing 5.27% of Religare’s equity, at a maximum price of Rs 235 per share.
This move is part of their strategy to surpass the 25% threshold, triggering an open offer obligation, as required by regulations governing non-bank financial companies.
In an order on Dec. 18, the court halted an annual general meeting of Religare that was scheduled to take place on Dec. 31. A bench of Chief Justice Suresh Kumar Kait and Justice Vijay Kumar also stayed the Reserve Bank of India’s approval of the Burman family’s open offer. While the RBI had given approval for the increase in shareholding, it has withheld approval for the proposed appointment of four new directors at this stage
. Read more on Business by NDTV Profit.The takeover offer will be open from Jan. 27 to Feb. 7. The issue will be of up to 9,00,42,541 equity shares. Read MoreBusiness, Markets, Notifications
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