The religare enterprises zoomed almost 10 per cent to hit a 52 week high level the Burman family's plan to make an open offer for a further 26 per cen stake in the company has been green lighted by the Reserve Bank of India (RBI).
The shares of Religare Enterprises went on to touch the 52 week high price of Rs 304.60 per share on the NSE (National Stock Exchange), after hitting the opening bell at Rs 287.85 per share on the Indian bourses.
Religare Enterprises shares were trading around Rs 287.65 per share on NSE (National Stock Exchange) surging around 3.45 per cent amounting to Rs 9.60 per share on the Indian exchanges.
Burman family and REl management
The Burman family and REL management were engaged in a fierce competition to acquire the financial services company.
REL management and the Burmans got into a fight over the Rs 2,116 crore open offer plan, and both parties traded charges.
According to a report released in May 2024, Burmans, who own about 25 per cent of REL through four companies—MB Finmart, Puran Associates, VIC Enterprises, and Milky Investment and Trading Co.—announced an open offer on September 25, 2023, to purchase a 26 per cent stake from the public shareholders.
Religare Enterprises Q2 FY25
For the second quarter that ended in September 2024, Religare Enterprises reported a 70 per cent increase in consolidated net profit to Rs 68.49 crore. The July–September quarter of 2023–2024 saw a consolidated net profit of Rs 40.35 crore for the financial services company.
During the reviewed quarter, its total revenue was Rs 1,971 crore, which was higher than the Rs 1,586 crore it earned during the same period last year.
Religare Enterprises also stated in a regulatory filing that Nitin Aggarwal, its group CFO, will no longer be employed by the company as of the end of business hours on November 12, 2024.
