Burman Group becomes new promoters of Religare Enterprises

After a prolonged corporate battle, the Burman family, on Thursday, February 20, acquired control of Delhi-based financial services firm Religare Enterprises and designated as its promoters.

“We are grateful to our regulators, shareholders, and other stakeholders for their trust and confidence,” said the Burman family in a statement.

“Our immediate priority is to instil stability, strengthen governance, and drive sustainable growth at the company. Governance, trust, and integrity will remain at the heart of our vision as we steer Religare Enterprises towards a future defined by resilience and the maximisation of stakeholder value,” the statement added.

In a stock exchange filing, the Burman Group entities confirmed the completion of their open offer, resulting in a substantial shareholding of 25.16% in REL.

The Burman Group is committed to working closely with REL’s leadership and board to redefine the company’s strategic direction, focusing on maximising long-term value for stakeholders, the statement added. With a proven track record of investing in businesses with strong fundamentals and high growth potential, the Burman Group intends to bring the same disciplined approach to REL, ensuring the highest standards of governance as it navigates a path towards long-term success.

The Burman Group has taken control of Religare Enterprises after a prolonged battle involving ousted chairperson Rashmi Saluja, and more recently, US investor Danny Gaekwad.

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