On Wednesday, both the promoters of Religare Enterprises made an open offer to the shareholders of the company for buying shares. They offered top pay rupees 457 per share and are eyeing to take back 20 per cent stake in the financial firm.

If the buyback become successful then Malvinder Singh and Shivender Singh will be holding 85.13 per cent stake in the company.

The offer will open on October 13 and will close on November 1, said the filling of Religare with the BSE.

For the same, the brother will be shelling out rupees 1,280 crore for the same. On Tuesday they had said that they would infuse rupees 857 crore by issuing fresh equity and also through preferential allotment and warrant conversion.

As per the present regulatory norm, a promoter needs to make an offer to the shareholders for increasing their stake beyond 5 per cent in a year. The listing norms also make it mandatory to maintain a minimum 25 per cent of public holding. Even if the promoters cross the 75 per cent level but will get three years time to get it back to the permissible level.