Religare chief Saluja sells 2 million shares in open market

Amid the battle for control of Religare Enterprises between the current management and the Burman family, Rashmi Saluja, the company's executive chairperson, has sold over 20 lakh shares in the open market.

As per the disclosure on NSE on April 2, Saluja sold 6.18 lakh shares on March 26, 6.70 lakh shares on March 27, and 7.21 lakh shares on March 28. Following the transaction, Saluja’s holding in REL is reduced to 0.81% from 1.23%.

An email query sent to REL on the sale of shares did not elicit any response.


Burmans, who holds around 25% of REL, announced an open offer on September 25, 2023, to acquire a 26% stake from the public shareholders. The open offer plan sparked a row between Religare’s management led by Saluja and the Burmans, with both sides trading charges.

The Burmans have accused the Religare leadership of corporate governance lapses. Religare has accused the Burmans of fraud and other wrongdoing, including colluding with former promoters Malvinder and Shivinder Singh.