24 Feb 2025
The Burmans plan to convert it into a Non-Banking Financial Company (NBFC).
After an 18-month-long legal battle, the Burmans, Dabur’s owners, acquired Religare, the Delhi-based financial services company. They infused ₹2,116 crore for an additional 26% stake and now own over 50%.
Religare’s former promoters, Malvinder and Shivinder Mohan Singh (Ranbaxy), were arrested in 2019 for defrauding Religare Finvest, REL’s main lending business, for approximately ₹2,400 crore.
Rashmi Saluja was appointed CEO-Chairperson in 2019. The company’s management had been in conflict with the Burmans ever since. She faced charges of financial irregularities and attempts to thwart the Burman acquisition. She was ousted on February 7th, 2025, after failing to secure a reappointment by shareholders.
After seven consecutive profitable quarters since March 2023, Religare reported a ₹63 crore loss in the December 2024 quarter.
In September 2023, the Burmans increased their ownership in Religare from 20% to 25% and offered to buy an additional 26% from the public by pumping in $255 million.
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