Shares of financial services firm Religare Enterprises Ltd. zoomed nearly 10 percent in trade on Wednesday after almost 5 percent of the company’s equity changed hands in a block deal.
The stock rose as much as 9.7 percent to a 52-week high of Rs 241.30. Shares have risen nearly 40 percent on a year-to-date basis.
Sources privy to the deal told CNBC-TV18 that the Burman family is one of the buyers in the block deals. However, there was no immediate information about the sellers in the deal.
The Burman family is the controlling shareholder of the Dabur Group and one of the key investors in Religare Enterprises. As of June 2023, the Burman family held 14 percent stake in Religare Enterprises through various investment vehicles.
To recall, in June 2021, the Burman family had raised its stake in Religare Enterprises from 11 percent to 14 percent by investing in the company’s preferential issue.
In an interview to CNBC-TV18 in June 2021, Dabur India Ltd vice-chairman Mohit Burman had said that the group had no intention of taking over Religare Enterprises and would continue to remain financial investors in the company going ahead.
Last week, Religare Enterprises had reported a narrowing of its standalone net loss to Rs 6 crore for the quarter ended June 2023, compared with a loss of Rs 14 crore in the year-ago period.
The company had said that its total revenue increased to Rs 8 crore during the June quarter compared with Rs 7 crore a year ago.
Shares of Religare Enterprises are trading 8.3 percent higher at Rs 238.30.
