REL led by chairperson Rashmi Saluja has sought to obstruct the applications that need to be sent to the regulators for changes in shareholding, control and management of REL, said the letter by the Burmans, promoters of the Dabur Group. The action by the REL management “impedes the ability of regulatory authorities to perform their obligations,” the Burmans said in the letter, a copy of which ET has seen. “It also costs the public shareholders of Religare.”
Burmans' open offer proposal for Religare runs into RBI wall - Industry News financialexpress.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from financialexpress.com Daily Mail and Mail on Sunday newspapers.
Burmans acquire 4 per cent stake in Religare Enterprises financialexpress.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from financialexpress.com Daily Mail and Mail on Sunday newspapers.
The Burman family has consolidated their position in Religare Enterprises Limited (REL) by increasing their stake by around 4% through open market purchases. Their cumulative stake now stands at 25.1%. The stake hike was done at an average price below Rs 235/share, which is the open offer price.
REL said in a regulatory filing that in March 2023, RFL, achieved a key milestone when it completed a One-Time Settlement (OTS) with 16 lenders through organic collections. The company paid more than Rs 9,000 crore to the lenders