Dabur’s Burman Family on Thursday said that the decision to increase stake in Religare Enterprises was prompted by strong performance of health and retail broking businesses of the company.
The Burman family-controlled entities picked up an additional 7.56 per cent stake in Religare Enterprises on Wednesday. Earlier, the family, the largest shareholder in REL, held 14 per cent stake in the company.
In a statement, Mohit Burman, Chairman, Dabur India and member of the Burman Family said, “ We are long-term investors in Religare Enterprises. The family has been invested in Religare for the past five years and we felt that this was an opportune moment to increase our stake in the company.”
“The subsidiaries of the company are doing very well, especially in the health insurance and retail broking business, and we believe that these businesses are on a strong footing. Ably guided, they should do well going forward. We also view Religare as a unique financial services platform,” Burman added.
On Wednesday, Burman family-owned MB Finmart Pvt. Ltd, VIC Enterprises Pvt. Ltd and Puran Associates Pvt. purchased 2.45 crore equity shares in Religare Enterprises at ₹217.95 per share, according to data available with stock exchanges.
Over the years, the Burman family has been making strategic investments in various entities. Last year, they gained promoted status in Eveready Industries.