CCI Greenlights Burman Family’s 5.27% Acquisition in Religare Enterprises
The Competition Commission of India (CCI) has granted approval to entities connected to the Burman family, owners of FMCG major Dabur India, for the acquisition of a 5.27% stake in Religare Enterprises Ltd. The nod comes as part of an open market purchase plan, according to an announcement from the antitrust regulator on January 23.
Puran Associates Pvt Ltd, M.B. Finmart Pvt Ltd, VIC Enterprises Pvt Ltd, and Milky Investment and Trading Company, all under the control of the Burman family, have executed the stake acquisition in Religare. The proposed deal involves acquiring 5.27% of the total issued and outstanding equity share capital of Religare through open market purchases. Additionally, an open offer for up to 26% of the total expanded voting share capital is part of the envisaged combination, as highlighted by the commission.
As of December 31, 2023, the Burman family already held a significant 21.17% stake in Religare, making them the single-largest shareholder in the company. The regulatory approval paves the way for further consolidation of the Burman family’s position within Religare Enterprises Ltd.