New Delhi: The Competition Commission of India (CCI) has granted its approval for the acquisition of shareholding in Religare Enterprises Limited by Puran Associates Private Limited, M.B. Finmart Private Limited, VIC Enterprises Private Limited, and Milky Investment and Trading Company. This strategic move was given the regulatory nod, marking a significant development in the financial services sector.
The proposed combination involves the acquisition of 5.27% of the total issued and outstanding equity share capital of Religare Enterprises Limited (Religare). This acquisition is set to occur through open market purchases, complemented by an open offer for up to 26% of the Total Expanded Voting Share Capital of Religare. The entire process is carried out in accordance with the Securities and Exchange Board of India (Substantial Acquisition of Shares and Takeovers) Regulations, 2011. The Acquirers leading this strategic move include Puran Associates Private Limited, M.B. Finmart Private Limited, VIC Enterprises Private Limited, and Milky Investment and Trading Company.
The Acquirers, systematically important non-deposit accepting non-banking financial companies (NBFCs), are primarily engaged in making investments in capital markets and providing secured and unsecured loans. Notably, these entities are under the control of members belonging to the Burman Family, who have diversified investments across multiple sectors such as home healthcare, restaurants, insurance, consumer goods, FMCG, and more.
Religare Enterprises Limited, a public limited company listed on the BSE and the National Stock Exchange in India, holds registrations as a systematically important non-deposit accepting NBFC and as a core investment company with the Reserve Bank of India. The company plays a pivotal role in the financial services sector, operating through its subsidiaries and entities. It is specifically involved in general insurance, providing loans to SMEs, housing finance, and retail broking.
The regulatory approval by the CCI for this acquisition underscores its compliance with the competition laws and regulations in India. The move is anticipated to bring about strategic enhancements and synergies in the financial landscape, contributing to the growth and development of the entities involved.
Comments are closed.