Sebi directs Religare Enterprises to process Burman family's open offer

Securities and Exchange Board of India (Sebi) has directed Religare Enterprises (REL) to promptly apply to RBI, Irdai, and Sebi itself by July 12 for all necessary approvals to proceed with the open offer by the Burman family. \r

This mandate follows REL's management, led by chairperson Rashmi Saluja, delaying the open offer process despite previous communications from Sebi. The regulator emphasized that breaching the 25 percent shareholding threshold requires the acquirer to make an open offer for an additional 26 percent shares. \r

Sebi's move underscores its stance against management obstructing shareholder rights in cases of conflict of interest. The Burman family currently holds 21.54 percent in REL and seeks to acquire more, challenging REL's claims regarding their 'fit and proper' status for financial sector leadership roles.