The Burmans, promoters of FMCG major Dabur India Ltd, have raised their stake in Religare Enterprise by 4.01 per cent, taking their shareholding in the financial services company to over 25 per cent.

Four entities that belong to the Burman family picked up 1.32 crore shares from the open market on Wednesday, signalling their resolve to take control of the troubled financial service provider despite resistance from the board.

The share purchase comes within a week of the Competition Commission of India approving the acquisition of Religare by the Burman family by an open offer. However, the nod from the stock market regulator Sebi is still pending. Following the acquisition, the Burmans will have a 25.18 per cent stake in Religare, rising from 21.18 per cent.

The Burmans announced the open offer on September 25 for Religare at Rs 235 a share. Although the REL management, led by chairperson Rashmi Saluja, initially backed the Burman bid, it now opposes the Burmans gaining control of the NBFC.

The offer will be launched only after a go-ahead from Sebi. However, the stock purchase on Wednesday further cements the presence of the Burmans in Religare where they are already the single largest shareholder block.

Mohit Burman, member of the Burman family, said: “We are happy to inform that we have increased our stake to 25.18 per cent in Religare Enterprise. We reiterate our commitment towards the acquisition of REL.”

Upon the successful completion of the open offer, the Burmans will have an over 51 per cent stake in REL which, through its subsidiaries and operating entities, provides loans to small and medium enterprises, offers health insurance, housing finance and retail broking.

Burman, who is also the chairman of Dabur and on the board of Eveready Industries India, added: “We now eagerly await the remaining approvals necessary to consummate the open offer and look forward to co-operation by the REL board,” he said.

The move by the Burman family sent the stock buzzing on the bourses. It crossed the Rs 235 mark — the open offer price — for the first time in more than four months to close the day at Rs 237.60, up by Rs 10.75, or 4.74 per cent, on the National Stock Exchange.

Data available with NSE showed Burman entities did the trade at Rs 233.94 a share, which would translate to about Rs 308 crore worth of stock purchase on Wednesday.

While market action played out during the trading hours, the board of Religare in the evening called a meeting on February 7 to consider the financial results of REL, among others. Market and corporate watchers would be looking at the outcome closely as it would be the first meeting of the board after CCI approval came along, followed by the Burmans beefing up their position.