CCI approves acquisition of shareholding in Religare Enterprises

The proposed combination envisages the acquisition of 5.27% of the total issued and outstanding equity share capital of Religare Enterprises Limited (Religare) through open market purchases, and an open offer for up to 26% of the Total Expanded Voting Share Capital1 of Religare under the provisions of the Securities and Exchange Board of India (Substantial Acquisition of Shares and Takeovers) Regulations, 2011 by Puran Associates Private Limited, M.B. Finmart Private Limited, and VIC Enterprises Private Limited, Milky Investment and Trading Company (collectively, the Acquirers).

The Acquirers are all systematically important non-deposit accepting non-banking financial companies (NBFCs) engaged primarily in the business of making investments in capital markets and providing secured and unsecured loans. The Acquirers are controlled by members of the Burman Family. The Burman Family has investments across various sectors such as home healthcare, restaurants, insurance, consumer goods, FMCG, etc.

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Religare is a public limited company listed on the BSE and the National Stock Exchange in India. It is registered as a systematically important non-deposit accepting NBFC and as a core investment company with the Reserve Bank of India. It is engaged in the financial services business through its subsidiaries and operating entities, and specifically in the business of general insurance, provision of loans to SMEs, housing finance, and retail broking.

Detailed order of the CCI will follow.

The approval is without prejudice to the proceedings that may be initiated under Section 43A, 44 and/or 45 of the Competition Act, 2002.