M.B. Finmart Private Limited, Milky Investment and Trading Company, Vic Enterprises Private Limited and Puran Associates Pvt. Ltd. made an open offer to acquire 27.83% stake in Religare Enterprises Limited (NSEI:RELIGARE) for INR 21.2 billion on September 25, 2023. As part of the offer, acquirers will acquire up to 90,042,541 fully paid-up equity shares from the Public Shareholders of Religare Enterprises at a price of INR 235 per Equity Share (the ?Offer Price?) aggregating to a total consideration of up to INR 21,159,997,135, payable in cash.

In a related transaction, M.B. Finmart Private Limited, Milky Investment and Trading Company, Vic Enterprises Private Limited and Puran Associates Pvt. Ltd. agreed to acquire 5.27% stake in Religare Enterprises Limited for INR 4,069.2 million. The completion of the Offer is subject to receipt of statutory approvals required.

JM Financial Limited acted as financial advisor to M.B. Finmart Private Limited, Milky Investment and Trading Company, Vic Enterprises Private Limited and Puran Associates Pvt. Ltd. Talwar Thakore & Associates acted as legal advisor to M.B. Finmart Private Limited, Milky Investment and Trading Company, Vic Enterprises Private Limited and Puran Associates Pvt. Ltd.