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Business News/ Companies / News/  Burmans hike Religare stake
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Burmans hike Religare stake

Earlier in December 2022, other members of the larger Burman family—Amit Burman and Saket Burman—sold 1% stake to raise over ₹1,000 crore to fund their private ventures.

Mohit Burman, chairman, Dabur.Premium
Mohit Burman, chairman, Dabur.

Dabur’s Burman family has picked up an additional stake in Religare Enterprises Ltd (REL) which will bring the family’s shareholding close to 22%, Mohit Burman, Dabur chairman, who is invested in Religare in his personal capacity, said in an emailed response.

“We bought approximately 2.4 crore shares which is 7%. This bring our total shareholding close to 22%," Burman said, adding that this is a financial investment for the Burman family.

The shares were traded at 217.95 apiece, according to the BSE. This puts the size of the deal at around 534 crore.

The Burman family began making financial investments outside of its primary business Dabur Ltd after the separation of management and ownership, Burman told Mint on 2 January 2023.

In addition to Dabur, Mohit Burman is invested in Eveready Industries, two insurance companies (Aviva Life Insurance, Universal Sompo General Insurance), as well as a QSR (Quick Service Restaurants) business under Taco Bell. He also owns a stake in Kings Punjab, the IPL franchise.

Earlier in December 2022, other members of the larger Burman family—Amit Burman and Saket Burman—sold 1% stake to raise over 1,000 crore to fund their private ventures, Mint reported at the time.

On Wednesday, the shares of Religare Enterprises hit a 52-week high of 242.55 per share, before settling at around 233.35 per share at the end of trading hours on the exchanges.

Religare Enterprises reported a consolidated net profit of 92.53 crore over a revenue of 1,302.46 crore in the quarter ended June 2023, against a net loss of 76.20 crore over a revenue of 1,051.07 crore in the June 2022 quarter.

“We value the continued support and confidence of our shareholders. This development not only reflects their trust in our company’s vision but also serves as a testament to the strong corporate governance and business performance exhibited by the management. We continue to remain focussed on delivering high quality growth of Religare Group," Dr Rashmi Saluja, Executive Chairperson, Religare Enterprises ltd said in a statement.

 

 

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ABOUT THE AUTHOR
Ranjani Raghavan
Ranjani heads the startup and new economy team at Mint. She covers the investment and the deals ecosystem, which takes her into the secretive world of high finance — mostly private equity and venture capital firms and the people running them. She also writes about the Indian corporate world which includes old fashioned business executives and their emerging challengers from the tech ecosystem.
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Published: 17 Aug 2023, 12:47 PM IST
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