Religare Enterprises: Burman family announces open offer for 26% stake at Rs 235 apiece
Religare Enterprises: At Rs 235 apiece, the total consideration for the 26 per cent stake would be Rs 2,115.99 crore, payable in cash. MB Finmart (1.71 per cent), Puran Associates (5.61 per cent), VIC Enterprises (3.72 per cent) and Milky Investment & Trading Company (2.94 per cent) were among public shareholders in the company, as on June 30.
Religare Enterprises on Monday said MB Finmart, Puran Associates, VIC Enterprises and and Milky Investment & Trading Company have announced an open offer for acquisition of up to 90,042,541 fully paid-up equity shares of Religare from public shareholders, representing 26 per cent of the expanded voting share capital. The offer price has been set Rs 235 a piece, 13.74 per cent discount to Friday’s closing price of 272.45.
At Rs 235 apiece, the total consideration for the 26 per cent stake would be Rs 2,115.99 crore, payable in cash. MB Finmart (1.71 per cent), Puran Associates (5.61 per cent), VIC Enterprises (3.72 per cent) and Milky Investment & Trading Company (2.94 per cent) were among public shareholders in the company, as on June 30.
“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 and take all measures to assume control of the target company, subject to complying with the provisions of the SEBI (SAST) Regulations,” Religare Enterprises said.
With Thanks Reference to: https://www.businesstoday.in/markets/company-stock/story/religare-enterprises-burman-family-announces-open-offer-for-26-stake-at-rs-235-apiece-399513-2023-09-25
