Burmans of Dabur likely to have picked up 5% more in Religare

Religare Enterprises is a wholly owned subsidiary Religare Finvest (RFL)

The Burmans of Dabur are believed to have picked up an additional 5 percent stake in Religare Enterprises through a block deal on August 16, raising its ownership in the company from 14 percent as of June, sources told CNBC-TV18.

The Burman family holds the controlling stake in the ayurvedic brand Dabur, while owns the 14 percent-plus stake in Religare through several entities.

Religare Enterprises, a subsidiary of Religare Finvest (RFL), aims to raise Rs 800 crore through a qualified institutional placement (QIP) following its successful one-time settlement (OTS) with lenders of Religare Finvest Ltd. The company has paid off the OTS amount and closed the deal with 16 lenders by making a final payment of Rs 400 crore in March this year.

This is a developing story, stay tuned for more updates.