Religare Enterprises slumps as Burmans announce open offer at 13% discount

The offer price for each equity share is Rs 235.00, amounting to a total consideration of up to Rs. 21,159,997,135 in cash.

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M.B. Finmart Private Limited, Puran Associates Private Limited, VIC Enterprises Private Limited, and Milky Investment & Trading Company have jointly announced an open offer to acquire up to 90,042,541 fully paid-up equity shares of Religare Enterprises Limited.

All four entities belong to the Burman group and currently hold 26.52 percent of Religare Enterprises‘ outstanding equity share capital. According to the market regulator Securities and Exchange Board of India (SEBI), an entity buying a 25 percent stake in a listed firm will have to mandatorily make an open offer.

The offer made by the Burman family represents another 26 percent of the expanded voting share capital of the company. If the open offer is successful, the Burman family will hold 53.94 percent of Religare Enterprises.

The offer price for each equity share is Rs 235, amounting to a total consideration of up to Rs 2,115 crore in cash. The offer price is at a 13 percent discount to the stock’s last closing price of Rs 271.55.

Following this, the stock slumped over 6 percent after market open. At 9:20 am, it was quoting at Rs 256.40, down 5.58 percent from the previous close.

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“The acquirers intend to take control of the target company once the open offer is concluded in accordance with the provisions of the SEBI (SAST) Regulations. The acquirers reserve the right in the interim period, pending completion of the open offer, to appoint directors to the board of directors of the target company,” Religare said in its exchange filing.

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.

The smallcap financial services firm reported a narrowing of standalone net loss to Rs 6 crore for the June quarter. The company posted a loss of Rs 14 crore in the year-ago period.

Total revenue increased to Rs 8 crore during the June quarter as against Rs 7 crore a year ago. At the same time, the total expenses remained almost flat at Rs 20.48 crore.

On a consolidated basis, Religare Enterprises recorded a net profit of Rs 93 crore, as against a loss of Rs 76 crore in the same quarter a year ago.