The financial services company Religare Enterprises Limited stated in an exchange filing on September 19, 2024, that following the re-payment, it is now free from external debt.

Religare Enterprises, a potential acquisition target for the Burman family of FMCG firm Dabur, has announced the successful clearance of Rs 163.75 crore in debt owed to JM Financial Products and JM Financial Credit Solutions.

Religare repaid Rs 9,000 crore to banks earlier this year, effectively eliminating all outstanding debt. It is now positioning itself for new lending opportunities.

The announcement coincides with the ongoing battle between Rashmi Saluja-led Religare and the Burman family, who have steadily increased their stake in the company over the past five years. The Burman family now holds 25.18% of Religare Enterprises, surpassing the 25% threshold, making them eligible for an open offer.

However, Religare has hesitated to finalize the paperwork for the Burman family’s open offer, which was extended to shareholders last September. If the offer goes through, the Burman family could gain a controlling stake in Religare.

Religare Enterprises provides a comprehensive range of financial services through subsidiary companies and operating entities, such as lending to SMEs, Affordable Housing Finance, Health Insurance, and Retail Broking.

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