Religare Enterprises shares skyrocket 10% to 52-week high on RBI nod for Burman family stake buy

Religare Enterprises shares skyrocket 10% to 52-week high on RBI nod for Burman family stake buy

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26 Aug, 2025 12:21

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Religare Enterprises shares jumped nearly 10 percent on the exchanges on December 10 after the Reserve Bank of India (RBI) cleared Burman family's open offer to acquire an additional 26 percent stake in the company.

Religare stock climbed 3.94 percent to Rs 289 per share on the NSE at 1 PM. In intraday trade, it surged 9.5 percent to hit its 52-week high of Rs 304.60 per share.

The stock has been gaining for the last 8 days and has risen 17.12 percent in the period. The counter opened gap up with a gain of 3.52 percent today.

A total of 2.40 lakh shares changed hands today of Religare Enterprises generating a total turnover of Rs 7.08 crore. The large cap company has a market cap of Rs 9,576.91 crore, as per BSE website. In volume terms, over 90 lakh shares of the company were traded on the NSE during the day.

According to an exchange filing, the RBI approval comes with conditions, including maintaining the existing management structure and not appointing new directors at this stage.

"The request for change of management/appointment of four proposed Directors (viz. Mr. Abhay Agarwal, Mr. Arjun Lamba, Mr. Ramanathan Gurumurthy and Mr. Suresh Mahalingam) does not have our approval at this stage. The NBFC is advised to submit the names of proposed directors along with the Board resolution, after ensuring that they are 'fit and proper'," the regulatory filing said.

The RBI approval has a validity period of one year. "If the acquirers fail to acquire the proposed shareholding within a period of one year from the date of this letter, this approval shall stand cancelled. After execution of the proposed change in shareholding, if the shareholding of the acquirers in the NBFC falls below 26%, prior approval of RBI will be required to increase the shareholding of the acquirers in the NBFC to 26% or more," the exchange filing added.

As of September 2024, the Burman family through its affiliates -- M B Finmart, Puran Associates, VIC Enterprises and Milky Investment & Trading Company -- owned a 25.12 percent holding in Religare.

Burman family has investments across various sectors such as insurance and FMCG.

In September last year, Burman family announced to acquire an additional 26 percent stake under Sebi's Substantial Acquisition of Shares and Takeovers (SAST) norms.