Dabur’s Burman family-controlled entities on Wednesday acquired an additional 7.5 per cent stake in Religare Enterprises Ltd. (REL) through multiple block deals worth ₹534 crore.

Multiple entities of the Burman family purchased, in aggregate, 2.45 crore shares of REL at ₹217.95 per share, according to data available with stock exchanges. The seller of these shares is a category I foreign portfolio investor, Investment Opportunities V Pte Ltd.

Prior to today’s transaction, the Burman family, who are promoters of Dabur, held a 14 per cent stake in REL, sources said.

The Burman family-controlled entities were among the significant investors who participated in the REL’s preferential allotment in June 2021, when the company raised ₹570 crore from both existing and new investors.

Commenting on the latest move by the Burman family, Rashmi Saluja, Executive Chairperson, Religare Enterprises, told businessline: “We value the continued support and confidence of our shareholders. This development not only reflects their trust in our company’s vision but also serves as a testament to the strong corporate governance and business performance exhibited by the management. We continue to remain focussed on delivering high-quality growth of Religare Group”.

On the buzz of the block deal, Shares of REL climbed 10 per cent on Wednesday’s trade to hit a 52-week high of ₹242.90 at the National Stock Exchange.

However, at the end of the day, REL shares closed at ₹234, up 6.32 per cent over the previous day’s close.

REL reported a consolidated net profit of ₹ 93 crore for the June 2023 quarter, compared to a net loss of ₹ 76 crore in the year-ago period.  REL’s consolidated revenues for the quarter under review stood at ₹1,302 crore (₹1,051 crore).

REL is the holding company for four key businesses: SME Finance via Religare Finvest (RFL), Health Insurance via Care Health Insurance (CHIL), Retail Broking via Religare Broking (RBL), and Affordable Housing via Religare Housing Development Finance Corporation (RHDFCL).

REL Chairperson Saluja had in January this year said that the holding company would look to raise ₹800 crore through a qualified institutional placement (QIP) following its successful one-time settlement (OTS) reached with lenders of its crisis-ridden subsidiary Religare Finvest Ltd. (RFL).

Over the years, the Burman family has been making strategic investments in different enterprises. Last year, they gained promoter status at Eveready Industries.