A day after the Burman family announced taking over Religare Enterprises Ltd (REL), the diversified financial firm said on Friday that it approved the appointment of Rajender Mohan Malla and Shrikant Shreeniwas Somani as additional directors (to be designated as Non-Executive and Independent Director) on the Board of the company for a term of five years.
Malla has 40 years experience in the banking Industry and has held top position in firms such as IDBI Bank, SIDBI, IFCI, PTC India Financial Services Limited, IDBI [as Development Financial Institution] and Syndicate Bank. Somani has business interests in renewable energy pan India.
Religare also said that it has approved the appointment of J C Bhalla & Company as Statutory Auditors of the Company for a term of three consecutive years until the conclusion of the 43rd Annual General Meeting (AGM) of the Company to be held in the year 2027, replacing the former statutory auditors S.P. Chopra & Co. The firm also approved the appointment of Anuj Jain as Company Secretary and Compliance Officer with effect from 21st February, 2025.
Shares of Religare Enterprises on Friday surged almost 19% after the Burman family acquired a controlling stake and designated as promoters following the closure of the open offer which received tepid response from investors.
After the open offer, Burman family stake in REL increased to 25.16%, making them the largest shareholder and promoter of the company. This also ended an 18-month battle between the Burmans and former chairperson Rashmi Saluja.
Burmans, through four entities -- Finmart Pvt Ltd, Puran Associates Pvt Ltd, VIC Enterprises Pvt Ltd, and Milky Investment & Trading Company -- collectively owned 21.10% stake in REL prior to the open offer. Subsequently, four entities in January 2024 bought a 3.6% stake in diversified financial services group Religare Enterprises for Rs 277 crore through open market transactions.
Motilal Oswal Focussed Fund is the second biggest stakeholder in Religare with a 7.15% stake.