Religare’s lenders in-principal agree to proposed one time settlement of Religare Finvest

Homegrown financial service group Religare Enterprises Limited (REL), on Wednesday, has informed that its lenders have in-principally agreed to consider the One-Time Settlement (OTS) proposal of its wholly-owned subsidiary Religare Finvest Limited (RFL).

REL’s this statement comes in continuation to its earlier announcements relating to the revival plan of RFL.

Rashmi Saluja, Executive Chairperson, REL, in a public release, said, “The RFL OTS is a win-win solution for the lenders and RFL, especially for its revival and expansion. With the completion of OTS, all the legacy issues will be behind us and the Religare group will stride forward to focus on future growth and becoming a 3600 financial services provider.”

REL, which is being led by the new management and independent Board since 2018, has focused on providing growth, stability and good governance to all its businesses, the investment company said.

REL also stated that its housing finance, health Insurance and broking subsidiaries are already on a growth trajectory.

REL, in addition to the growing existing subsidiaries, is also looking to enter new businesses like insurance broking, digital wealth management, asset reconstruction and alternate investment funds in the financial year 2023.

Religare has resolved many legacy issues left over by its erstwhile promoters including settlement with SEBI and becoming debt-free, reads the statement.