Dabur India Ltd Chairman Mohit Burman on Thursday said the Burman family is a “long-term investor” in Religare Enterprises, which it sees as a unique financial services platform.

On Wednesday, the Burman family raised its stake in Religare Enterprises to 21 per cent from 14 per cent by buying a total of 7.5 per cent shares of the diversified financial services company from the open market.

Subsequently, the family became the largest shareholder in Religare Enterprises.

Mohit, a member of the Burman family, said, “We are long-term investors in Religare Enterprises. The family has invested in Religare for the last five years and we felt this was an opportune time to increase our stake in the company.” , told PTI.

He further said that the subsidiaries of Religare Enterprises are doing very well, especially in the health insurance and retail broking business.

Mohit said, “We believe these businesses are in a strong position. Due to proper guidance, they should do well going forward. We also see Religare as a unique financial services platform.”

Three Burman family entities – Pooran Associates, Vic Enterprises and MB Finmart – acquired 7.5 per cent stake in Religare Enterprises for Rs 534 crore through an open market transaction.

Puran Associates, Vic Enterprises and MB Finmart bought a total of 2.45 crore shares, equivalent to 7.5 per cent stake in Religare Enterprises, according to block deal data available with BSE.

The shares were bought at an average price of Rs 217.95 per share, taking the combined transaction value to Rs 533.97 crore.

It already held 14 per cent stake in Religare Enterprises through various entities at the end of the June quarter.

Puran Associates is owned by Anand Burman and Minnie Burman, while VC Burman is the owner of Vic Enterprises. MB Finmart is owned by Mohit Burman.

The Burman family, which is the promoter of domestic FMCG and Ayurveda company Dabur, through its entities acquired shares of Eveready Industries last year, taking its stake to around 40 per cent.

It had become the promoter of a Kolkata-based torch and battery manufacturer.

(Only the headline and image of this report may have been reworked by Business Standard staff; the rest of the content was auto-generated from a syndicated feed.)


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