Religare Enterprises announced that it has successfully repaid the outstanding term loan and interest amounting to Rs 163.75 crore drawn from JM Financial Products and JM Financial Credit Solutions.
In a regulatory filing, the company said, “This is to inform that Religare Enterprises Limited (REL/Company) has today on its due date fully repaid the outstanding term loan and interest amounting to Rs 163.75 crore drawn from JM Financial Products Limited and JM Financial Credit Solutions Limited in the year 2022. Upon such re-payment, the company has now become an external debt free entity.”
Religare had, earlier this year, repaid Rs 9,000 crore to banks, effectively eliminating all its outstanding debt.
Religare Enterprises is currently a takeover target for the Burman family of Dabur, who have steadily increased their stake in the company over the past five years. The Burman family now holds 25.18 per cent of Religare Enterprises, crossing the 25 per cent threshold and making them eligible for an open offer.
The battle dates back to 2018 when the Burman family began increasing its stake through the open market, first acquiring 9.9 per cent in April 2018, increasing it to around 14 per cent in June 2021. Between 16 August 2023 to 25 September 2023, the Burman family stake in Religare went from 14.38 per cent to 21.57 per cent. On 25 September, the Dabur promoters placed orders for an additional 5.27 per cent through JM Financial Services, which automatically took their stake to over 25 per cent and triggered SEBI’s Substantial Acquisition of Shares and Takeovers (SAST) guidelines, and hence the open offer.
From: financialexpress
Financial News
