Religare shares gain after Burmans of Dabur pick up 7.56% stake

The Burman family picked up additional stake after foreign portfolio investor Investment Opportunities V Pte Limited offloaded 2.45 crore equity shares.

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Shares of Religare Enterprises traded 1 percent higher in the early hours of August 17, a day after it was reported that Dabur’s Burman family-owned entities had picked up an additional stake in Religare Enterprises.

The Religare stock hits its 52-week high of Rs 242.55 on August 16 after the news of the deal broke.

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Burmans-owned MB Finmart, VIC Enterprises and Puran Associates, promoters of Dabur India, purchased an additional 7.56 percent stake or 2.45 crore equity shares in Religare Enterprises through open market transactions at an average price of Rs 217.95 per share.

The Burman family owns a majority stake in Dabur and, as of June 2023, had 14 percent stake in Religare Enterprises through its three entities. This has now increased to around 21 percent. Foreign portfolio investor Investment Opportunities V Pte Limited was the seller in this deal as per BSE bulk deal data. Religare Enterprises is listed both on the NSE and the BSE.

Also read: Burmans of Dabur likely to have picked up 5% more in Religare

Financial services provider Religare Enterprises reported a 57 percent year-on-year decline in standalone net loss, while the revenue for the same period increased from Rs 7 crore to Rs 8 crore. On a consolidated basis, the net sales grew 35.15 percent on-year to Rs 1,284.63 crore for the same period, while net profit grew 138.91 percent on-year for the quarter ended June 2023. Earnings before interest, taxes, depreciation and amortisation (EBIDTA) also grew 21.45 percent to Rs 155.84 crore.

Also read: Religare Enterprises Q1 loss narrows to Rs 6 crore

Mumbai-based Religare Enterprises, provides diversified financial services in over 400 cities. The services include loans to SMEs, affordable housing finance, health insurance and retail broking, according to its website.

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