Religare Enterprises up 8% Trade on Reports of Burman Family Hiking Stake

Religare Enterprises is up 8 per cent in trade after reports that Burmans of Dabur reportedly acquired an additional 5 per cent stake in Religare Enterprises through a block deal on Wednesday.

Religare was trading up 8.11 per cent at Rs 238 on BSE on Wednesday.

With this, Burmans' ownership has gone up which was around from 14 per cent as of June, media reports said.

The Burman family holds the controlling stake in the ayurvedic brand Dabur, while owns the 14 per cent-plus stake in Religare through several entities.

Religare Enterprises, a subsidiary of Religare Finvest (RFL), aims to raise Rs 800 crore through a qualified institutional placement (QIP) following its successful one-time settlement (OTS) with lenders of Religare Finvest Ltd.

The company has paid off the OTS amount and closed the deal with 16 lenders by making a final payment of Rs 400 crore in March this year, media reports said.