According to a filing, the Burman family, which owns a majority interest in Dabur, made an open bid for an additional 26% ownership in financial services provider Religare on Monday for up to 2,116 crores ($255.03 million).
According to the offer document, the Burmans, who already possess a 21% interest in Religare Enterprises, plan to acquire control of the financial services provider after the open offer is completed.
The Burmans reserve the right to name members of the Religare board of directors and to demand that the business make changes to its management structure in accordance with decisions made by its board.
According to the paper, they want to purchase more than 90 million shares at 235 rupees each.
"The proposed transaction is in line with our vision to create a leading financial services platform that encompasses lending, broking and health insurance services," Dabur India Chairman Emeritus Anand Burman said in a statement.
Early trading saw a 1.6% decline in Religare stock. They most recently closed at 271.55 rupees.
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