Religare Enterprises

Some source says he was close to singh brothers and also got benifits by them. If I was a investor like burmans, I would like to have clean management, having no links with old promoters. He has resigned or he was asked to resign is a different matter here but I take it positively. Our all answers lies in future, lets see.

I agree with you, This seem like a call form lenders before approving RFL’s DRP or Investors like Burmans.

ReligareEnterprises OTS will be very beneficial to both Religare and Banks. Right time for listing of CareHealth] and possible capital infusion by promoters.

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Burman family moves to take control of Religare Enterprises

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With the present tussle going on between the management and Burmans and recent fall in the price, can we say that Religare Enterprises is in a special situation stock with little risk? Mr Ashish Dhawan has acquired 2.32 % shares of the company in last 2 Quarters.

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During the last five years, Religare Enterprises has moved from a loss to profitability. That kind of transition can be an inflection point that justifies a strong share price gain in coming time. The business is just fully ready to fire on all cylinders, and Burmans coming in will bring substantial positives.

Disclosure: I have holding and tracking the company since 2018, so my opinion may be biassed. Thank you

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Here is the Ingovern report in Religare. This investor advisory firm backs Burman’s case against Religare Chairman. To read this report in favour of minority shareholders, one needs to understand the history of REL and read this report between the lines.
Religare-CG Alert Remuneration-November 2023.pdf (260.6 KB)


Religare Enterprises.

  1. Turnaround story going on
  2. Its main subsidiary, Care Health IPO at the OTC market valuation between 13-16k CR, whereas the parent company’s market cap is 7-7.5k CR
  3. Burman family’s last acquisition price - Rs221 at a valuation of 7248 CR.

Interesting boardroom drama.

Forbes covered the story so far on 24-Nov-23.

Briefly, the company has had no promoters since the Singh brothers were convicted.

A board of independent directors has been in charge.

The Burmans want to take control and have made an open offer to get their holding above 26%. But the board is resisting. They think the offer price of Rs 235 per share is too low. Timing is ‘fishy’ says Religare board member Hamid Ahmed. The board appears to allege collusion between the Burmans and the Singh brothers.

There are countercharges of failure of corporate governance and excessive remuneration at the company. See deepuji2008’s post above.

Kedara Capital, the PE fund, holds 16% of Care Healthcare which is the flagship subsidiary of Religare Enterprises. Kedara came out with a statement supporting the Care management.

But the regulator is asking questions about the ESOPs.

Interesting interview with Mohit Burman on CNBC.

Once the regulators approve the open offer, this could resolve quite quickly with the Burmans in control and the current board out. Or could this end up in the courts and get dragged out?


Why are Key Management Personal and other insiders selling heavy quantities?

Where are you seeing this? Can you point me to the data that shows insider selling?

Look at screener, it shows heavy insider selling

Is this what you are looking at?

To recap recent history, the promoters were arrested in 2019 for misappropriation of funds. In June 2021, the company was declared “promoter-less” and has since then been run by an Independent Board.

And so, there have been no insiders in this company in the past few years.

The Burmans are now looking to take a majority stake. They have filed for an open-offer with the regulators.

Apologies I mean Key Management Personal

Ah right. Well as Peter Lynch said: “insiders might sell their shares for any number of reasons, but they buy them for only one: they think the price will rise.” Sadly they don’t seem to be buying. :slight_smile:

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Sebi asks Religare Enterprises to apply for regulatory approval for open offer by Burman Group - The Economic Times (

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SAT orders Religare to apply for Burman Group’s open offer by July 22 (

Further, the SAT directive is likely to pave the way for the Burman family to go ahead with an open offer as it now owns more than 25 per cent in the listed company – it has hiked its stake in a phased manner between April 2018 and August 2023.

Disclosure: Invested.