The Burman family has acquired control of Delhi-based financial services firm Religare Enterprises, following a prolonged corporate battle. The family has announced that they will prioritize stability, strengthen governance, and drive sustainable growth at the company. They have stated that their vision is centered around governance, trust, and integrity, and they plan to work closely with REL’s leadership and board to redefine the company’s strategic direction and maximize long-term value for stakeholders. The Burman Group has a proven track record of investing in businesses with strong fundamentals and high growth potential, and they intend to apply the same disciplined approach to REL.
The acquisition marks the end of a long and contentious battle for control of the company, which has involved ousted chairperson Rashmi Saluja and US investor Danny Gaekwad. The Burman Group has acquired a substantial 25.16% shareholding in REL through an open offer, making them the largest shareholder in the company. In a statement, the family expressed gratitude to regulators, shareholders, and stakeholders for their trust and confidence, and pledged to work towards ensuring the highest standards of governance as they navigate a path towards long-term success.
The acquisition is seen as a significant development for REL, which has been facing challenges in recent years. The Burman family’s involvement is expected to bring stability and expertise to the company, and the family’s commitment to governance, trust, and integrity is expected to lead to increased transparency and accountability. With their proven track record of success, the Burman Group is well-positioned to lead REL towards a brighter future and maximize value for all stakeholders.