The Securities and Exchange Board of India (Sebi) has approved the Burman family's proposed open offer to acquire an additional 26% stake in New Delhi-based Religare Enterprises (REL), sources familiar with the matter said. Earlier this month, the Reserve Bank of India (RBI) also gave its approval to the offer by the promoter family of Dabur.With approvals from stock exchanges, the Insurance Regulatory and Development Authority of India (IRDAI), the Competition Commission of India (CCI), RBI, and Sebi, all clearances are now in place for the Burmans to proceed with the open offer.The Burman family is expected to announce its offer in the next few days, with a target launch in mid-January, sources cited above said. This open offer could potentially result in a change in management control of the non-banking finance company (NBFC).An email query sent to Sebi, the Burmans, REL and JM Financial, the banker for the open offer, did not elicit any response until Sunday press time. 116574818The Burman family, currently the largest shareholder in Religare with a stake of around 25%, announced the open offer in September 2023 to increase its stake and take control of the company.Religare's management, led by chairperson Rashmi Saluja, opposed the move by the Burmans, owner of consumer firm Dabur, citing concerns over a low offer price and "fit and proper" allegations against the Burmans. Sebi directed Religare in June to submit the Burman family's open offer proposal to the regulators within 15 days.The open offer, announced initially at ₹235 per share, amounts to ₹2,116 crore in all for the additional stake. If successful, it would raise the Burman family's total stake in the New Delhi-based NBFC to well above 50%, effectively granting it majority control. However, the stock, which has surged 38% in the last six months compared to the Nifty's 0.5% gain, is currently trading at ₹310 per share.The Burman family first invested in Religare by subscribing to share warrants which initially represented around a 10% stake. These warrants were later converted into equity. Over time, the Burmans increased their stake to approximately 22% before announcing plans to acquire an additional 5% through the secondary market. This move triggered the open offer for an additional 26% stake.