The Exchange has received the disclosure under Regulation 29(2) of SEBI (Substantial Acquisition of Shares & Takeovers) Regulations, 2011 for M B Finmart Pvt Ltd & Others
RELIGARE · price
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Four promoter group entities — M.B. Finmart, Puran Associates, VIC Enterprises, and Milky Investment & Trading Company — received 3.19 crore (31,914,892) convertible warrants via preferential allotment on September 12, 2025. Each warrant is priced at Rs. 235 (against Rs. 10 face value), convertible into one equity share within 18 months, with 25% upfront payment and 75% balance on conversion. Before this, the four entities collectively held 8.54 crore shares (25.83% of Religare's equity). If the warrants are fully converted, the promoter group's effective stake will rise materially, expanding the diluted share base from 33.07 crore to 39.53 crore shares. The disclosure was filed under Regulation 29(2) of SEBI's Takeover Regulations.
This signals promoter confidence and fresh capital infusion into Religare, but it also means potential equity dilution for existing shareholders if the warrants are converted within the 18-month window. Investors should track conversion announcements, as a higher promoter stake typically bodes well for governance but warrants are a contingent increase.