Mumbai, Feb. 21 -- This development comes despite a lukewarm response to their recent open offer to acquire an additional 26% stake (9,00,42,541 shares).

The Burman family's open offer saw minimal participation, with only 0.07% (2,31,025 shares) of the offered equity being tendered. However, the family already held a 21.10% stake in Religare Enterprises prior to the offer, which increased to 25.16% (8,32,01,819 equity shares) after the offer's conclusion.

Their position was already strengthened by open market purchases on 31 January 2024, where they acquired about 3.99% stake (1,32,00,000 equity shares). These acquisition were made through Burman family-owned entities M.B. Finmart Private Limited (MFPL), Puran Associates Private Limited...