Religare Finvest signs settlement agreement with all its Lenders for One Time Settlement

In a path breaking update, Religare Enterprises Limited, has announced that in accordance with the terms of the sanction letter(s) received from the OTS Lenders, Religare Finvest Limited (RFL/the borrower) along with The Company (RFL's parent company) has entered into a Settlement Agreement on 30 December 2022 in connection with the OTS with all the 16 (sixteen) Secured Lenders (OTS Lenders) for full & final settlement w.r.t. all their outstanding dues of RFL.

RFL shall ensure compliance to the terms & conditions of the said OTS Agreement.

Led by a new management and a professionally run Board since 2018, the Religare Group has been making positive strides to grow each of its individual entities and has worked tirelessly in order to progress and provide stability backed by strong corporate governance at its core.

RFL has been taking necessary corrective measures as advised by the Reserve Bank of India and it will seek removal of the CAP (Corrective Action Plan) in due course so that RFL can restart its lending business.

Speaking on this significant development, Dr. Rashmi Saluja, Executive Chairperson of Religare Enterprises Limited said, "This is a very positive and significant move in the history of our company. Our tireless efforts and representations to our lenders have shown positive results and we appreciate their backing and support at this critical juncture. This move takes us closer to our vision of turning the Religare Group into a 360-degree financial services conglomerate."

Shares of Religare Enterprises Limited was last trading in BSE at Rs. 173.50 as compared to the previous close of Rs. 174.45. The total number of shares traded during the day was 35453 in over 1012 trades.

The stock hit an intraday high of Rs. 179.30 and intraday low of 172.40. The net turnover during the day was Rs. 6249999.00.

Source : Equity Bulls

Keywords

ReligareEnterprises INE621H01010 ReligareFinvest OTS SecuredLenders