Religare Enterprises completes one-time settlement with its lenders

Image
Capital Market
Last Updated : Mar 11 2023 | 12:49 PM IST
Religare Enterprises announced that its wholly-owned subsidiary Religare Finvest (RFL), has completed the One-Time Settlement (OTS) with 16 lenders on 8 March 2023 by making a full and final payment of Rs 400 crores well in advance of the three-month deadline as per the settlement agreement with the lenders dated 30 December 2022.

Since January 2018, when the new management took over, RFL has repaid over Rs 9,000 crore to its lenders from its collections and through the support of REL.

This settlement paves the way for restarting of business of RFL and focusing on building a niche in the MSME lending space. RFL will have a healthy balance sheet to sustain business growth in the next few quarters.

In continuation of its objective of focussing on the rapid growth of its affordable housing finance business, RFL's subsidiary RHDFCL will be made a direct subsidiary of REL in due course.

Powered by Capital Market - Live News

Disclaimer: No Business Standard Journalist was involved in creation of this content

Subscribe to Business Standard digital and get complimentary access to The New York Times

Quarterly Starter

₹900

3 Months

₹300/Month

SAVE 25%

Smart Essential

₹2,700

1 Year

₹225/Month

Save 46%

Super Saver

₹3,900

2 Years

₹162/Month

Subscribe

Renews automatically, cancel anytime

Here’s what’s included in our digital subscription plans

Access to Exclusive Premium Stories Online

  • Over 30 behind the paywall stories daily, handpicked by our editors for subscribers

Complimentary Access to The New York Times

  • News, Games, Cooking, Audio, Wirecutter & The Athletic

Business Standard Epaper

  • Digital replica of our daily newspaper — with options to read, save, and share

Curated Newsletters

  • Insights on markets, finance, politics, tech, and more delivered to your inbox

Market Analysis & Investment Insights

  • In-depth market analysis & insights with access to The Smart Investor

Archives

  • Repository of articles and publications dating back to 1997

Ad-free Reading

  • Uninterrupted reading experience with no advertisements

Seamless Access Across All Devices

  • Access Business Standard across devices — mobile, tablet, or PC, via web or app

More From This Section

First Published: Mar 09 2023 | 8:56 AM IST

Next Story