Ashish Dhawan raises stake in Religare Enterprises to 5.42%
Ashish Dhawan increased his shareholding in Religare Enterprises Limited to 5.42% of the total diluted share capital through secondary market purchases and warrant conversion. The disclosure, filed under Regulation 29(1) of the SEBI Takeover Regulations, outlines the acquisition of 30,30,852 shares. Post-transaction, the company's equity share capital rose to 34,12,33,742 shares.
*this image is generated using AI for illustrative purposes only.
Ashish Dhawan has increased his shareholding in Religare Enterprises Limited to 5.42% of the total diluted share capital through a combination of secondary market purchases and the conversion of warrants. The disclosure, submitted under Regulation 29(1) of the SEBI (Substantial Acquisition of Shares and Takeovers) Regulations, 2011, details the acquisition of 30,30,852 shares. This transaction raises the acquirer's stake from a previous 4.35% of the total share capital carrying voting rights to 5.24% post-acquisition.
Details of the Acquisition
The increase in shareholding was achieved through two primary modes: secondary market transactions and the conversion of warrants. Dhawan acquired 13,30,852 equity shares via the secondary market since his last disclosure on April 17, 2026. Additionally, 17,00,000 warrants issued at ₹235 per warrant were converted into an equal number of equity shares with a face value of ₹10 each on June 04, 2026. The acquirer received intimation of this allotment on June 20, 2026.
Shareholding Breakdown
Prior to these transactions, Dhawan held 1,48,50,000 shares carrying voting rights, representing 4.35% of the total share capital. He also held 53,19,148 warrants. Following the acquisition and conversion, his holding of shares carrying voting rights increased to 1,78,80,852, while his warrant holding adjusted to 36,19,148 after the conversion of 17,00,000 warrants.
| Description | Number of Shares | % of Total Share Capital | % of Total Diluted Share Capital |
|---|---|---|---|
| Pre-Acquisition Holding | |||
| Shares carrying voting rights | 1,48,50,000 | 4.35% | 3.74% |
| Warrants/Convertible securities | 53,19,148 | NA | 1.34% |
| Acquisition | |||
| Shares acquired (Secondary Market) | 13,30,852 | 0.89% | 0.76% |
| Shares acquired (Warrant Conversion) | 17,00,000 | NA | (0.43%)* |
| Post-Acquisition Holding | |||
| Shares carrying voting rights | 1,78,80,852 | 5.24% | 4.51% |
| Warrants/Convertible securities | 36,19,148 | NA | 0.91% |
| Total | 2,15,00,000 | NA | 5.42% |
*Note: The figure in parentheses represents the extinguishment of warrants upon conversion, reducing the total diluted capital count attributable to warrants.
Capital Structure Impact
The equity share capital of Religare Enterprises Limited before the acquisition was 33,28,90,479 shares. Following the allotment of shares from the warrant conversion on June 04, 2026, the equity share capital increased to 34,12,33,742 shares. The total diluted share capital post-acquisition, which includes the assumption of full conversion of outstanding convertible warrants and ESOPs, stands at 39,68,19,811 shares.
Historical Stock Returns for Religare Enterprises
| 1 Day | 5 Days | 1 Month | 6 Months | 1 Year | 5 Years |
|---|---|---|---|---|---|
| +2.49% | +13.26% | +15.83% | +14.58% | +24.51% | +126.49% |
Does this increase in stake signal a potential move by Ashish Dhawan towards a creeping acquisition or a takeover bid?
How will the conversion of the remaining 36,19,148 warrants further impact Religare's equity dilution and earnings per share?
What strategic role does Dhawan envision for Religare Enterprises in his investment portfolio given this increased exposure?
17
Create Custom Screeners 
Access 200+ Pre-built Filters 
Use 50+ Readymade Screener 
