Investment vehicles owned by Amit Burman and Saket Burman, both members of the Burman family that own a majority stake in Dabur India, sold approximately 1 per cent of their shares on Tuesday morning, raising over Rs 1000 crore.
It is estimated that each of Amit Burman and Saket Burman sold half a per cent of the company, according to the sources.
The block deal data on the stock exchanges had not been updated as of Monday evening press time.
Dabur India’s shares closed at a low of Rs 579.85 per share on Tuesday. However, as of 10:30 a.m today, the shares are trading at Rs 582.35 per share, up 0.43 per cent from its previous close.
“The purpose of doing this transaction is to raise funds for financing some ventures in private hands of the Burman family,” the company said in an exchange filing.
According to the sources, Amit Burman, a non-executive director at Dabur, sold his shares through his vehicle Gyan Enterprises and is expected to invest the majority of his proceeds in his restaurant venture Lite Bite Foods. “It will be for organic expansion,” one of the above-mentioned individuals stated. Dabur India’s vice-chairman, Saket Burman, sold his shares through the investment vehicle Chowdry Associates.
According to its website, LiteBite Foods operates around 150 food and beverage outlets in malls, airports, and hotels. Punjab Groll, Tres, Zambar, The Artful Baker, and Asia 7 are among its brands.
Outside of the Dabur corporate balance sheet, the Burman family has been building a diverse portfolio of assets in financial services, industrials, and the investment ecosystem.
The Burmans also own 26 per cent of Aviva Life Insurance Company India via Dabur Invest Corp.
They became promoters of Eveready Industries, a battery and flash light manufacturer based in Kolkata, in July 2022. The Burman Family Holdings is a shareholder in the financial services firm Religare Enterprises.
Other unlisted investments include Nature’s Bounty, promoted by Amit Burman, and Health Care At Home, promoted by Anand and Gaurav Burman. Mohit Burman has a substantial stake in the Punjab Kings Indian Premier League team. Anand Burman has also invested in Oncquest Laboratories, a cancer and diagnostics lab. The Burmans previously founded the private equity fund Asian Healthcare Fund.
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