Religare Enterprises shares: BSE sought clarification on a news suggesting the Burmans had received CCI approval to buy stake in Religare Enterprises.
Shares of Religare Enterprises Ltd and PBCL Ltd (formerly Philips Carbon Black Ltd) surged up to 7 percent during Wednesday’s trading session, prompting stock exchanges to seek clarifications from the companies regarding two distinct developments.
In the case of PCBL Ltd, BSE requested clarification regarding reports indicating the company’s intention to secure funds from DBS Bank to partially fund its planned acquisition of Aquapharm Chemicals.
According to ET, the Singapore-based bank committed Rs 210 crore and is slated to be the anchor investor in PCBL’s proposed Rs 700 crore bond issue. The PCBL stock experienced a 7.12 percent increase, reaching a peak of Rs 326.10 on BSE.
“The General Information Document dated 18 January 2024, in conjunction with the Key Information Document dated 18 January 2024, has been submitted on the EBP Platform of the BSE Limited on 18 January 2024,” the company stated.
“The disclosure document furnishes information regarding the anchor segment of the proposed issue of listed, rated, secured, redeemable non-convertible debentures amounting to INR 700 crore (‘Proposed Issue’). As outlined in the Disclosure Document, DBS Bank Ltd. serves as the anchor investor (‘Anchor’) for 30% of the issue size (equivalent to INR 210 crore),” PCBL clarified to BSE subsequently.
Concerning Religare Enterprises, BSE sought clarification on news suggesting that the Burmans had received CCI approval to acquire a stake in Religare Enterprises.
As reported by Mint, the fair trade regulator granted approval for the acquisition of a 5.27 percent stake in Religare Enterprises by entities controlled by the Burman family. Additionally, it greenlit a subsequent open offer to acquire up to another 26 percent of the financial services firm.
The Religare Enterprises stock increased by 5.62 percent, reaching a high of Rs 229.25 on BSE.
According to PTI, CCI permitted a total of four entities to acquire Religare’s 5.27 percent through stock market purchase and an additional 26 percent through an open offer. These four entities—MB Finmart Pvt Ltd, VIC Enterprises Pvt Ltd, Puran Associates Pvt Ltd, and Milky Investment and Trading Company—are under the control of the Burman family.
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