Religare seeks funding from Burman Group for cash gap

Religare Enterprises is seeking immediate funding from its new promoters, the Burman Group, to address a cash flow gap. The board has proposed a short-term loan from the Burman Group or its associates. Additionally, a governance review of Religare and its subsidiaries has been initiated. The law firm Trilegal and Grant Thornton Bharat LLP will conduct the assessment to improve operational practices and identify any misconduct. The Burman family, which recently took control of Religare, is expected to invest around Rs 2,000 crore. This funding will likely increase their stake to over 50% and may lead to a rebranding of the company.