Anagram Partners, TT&A assist Burman Group on takeover of Religare Enterprises

Anagram Partners and TT&A advised the Burman Group on the mandatory tender offer and acquisition of control of Religare Enterprises Limited.

Anagram Partners acted as legal counsel to the Burman Group to overcome hostile defences by the management and multiple litigations across the country in High Courts, the Securities Appellate Tribunal, the National Company Law Appellate Tribunal and the Supreme Court of India and to navigate the regulatory approval processes involving the Reserve Bank of India, the Securities Exchange Board of India, Competition Commission of India and the Insurance Regulatory Development Authority of India.

The team was led by Shuva Mandal (Partner), Ankit Mishra (Partner) and Rohan Batra (Partner) and consisted of Rishabh Bhargava (Senior Associate), Dhruv Sethi (Senior Associate), Harsh Vardhan Arora (Senior Associate), Ashana Shah (Senior Associate), Saachi Pilinja (Associate), Nidhi Chaudhary (Associate) and Yuga Kane (Associate).

TT&A advised the Burman Family acquirer entities on their Open Offer to the public shareholders of Religare Enterprises. The competition team of TT&A advised the Burman Family on the competition law aspects of the deal, including obtaining the approval from the Competition Commission of India and thereafter, defending the CCI approval in an appeal filed by REL before the National Company Law Appellate Tribunal.

The transaction team consisted of Gautam Saha (Joint Managing Partner, Dushyant Bagga (Partner), Akshita Alok (Managing Associate) and Divya Kumar (Associate).

The TT&A Competition Team consisted of Sonam Mathur (Partner), Shubhang Joshi (Managing Associate), Saikishan Rathore (Associate) and Rishabh Joshi (Associate).

In February 2025, the Burman family, proprietors of Dabur India, successfully acquired a controlling stake in Religare Enterprises Limited (REL), concluding a takeover endeavour that spanned over a year. This strategic move elevated their shareholding to 25.16%, officially designating them as the company's promoters. The acquisition process involved an open offer initiated in September 2023 to purchase an additional 26% stake in REL at ₹235 per share.

The Burman family, renowned as the controlling shareholders of Dabur Group, operates their strategic investment platform, Burman Family Holdings. Established in 2002 and headquartered in London, United Kingdom, this family office focuses on long-term, active investments across sectors such as healthcare, financial services, hospitality, education, and media. Over the past two decades, Burman Family Holdings has invested over $500 million in various businesses, primarily in India, and has partnered with numerous Fortune 100 companies globally

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