Burman s family had, through various entities, accumulated a 21.5% stake in REL by August. In September, it bought another 5.27% stake, triggering a mandatory open offer to buy an extra 26% stake from the public. The open offer was made at ₹235 on September 25, when the prevailing stock price was ₹256.
The board has no shareholder representation. It has six members including Chairperson Rashmi Saluja who has an executive role. All the other members are retired civil servants except Hamid Ahmed, who is the CEO of Hamdard Laboratories and chancellor of Jamia Hamdard University.
Religare s board comprises six members, including Chairperson Rashmi Saluja with an executive role and five independent directors. Hamid Ahmed, who joined the board two years back, stands as its sole business-experienced director.
Religare’s executive chairperson Dr. Rashmi Saluja, who has been pivotal in turning around its fortunes, may be unable to prevent a hostile takeover by the owners of Dabur