Religare Enterprises skyrockets ~8% as lenders nod One-Time Settlement proposal

2 Jun 2022 , 11:00 AM

Religare Enterprises Limited has made another announcement relating to the revival plan of Religare Finvest Limited, a wholly-owned subsidiary of the company that it has received a communication from its lead lender, informing that the lenders have in-principally agreed to consider the One-Time Settlement proposal of RFL.

REL’s focus is on providing growth, stability, and good governance to all its businesses.

The growth trajectory already continues in Religare's Health Insurance, Housing Finance, and Braking subsidiaries, harnessing their full potential with increasing market share and profitability.

In FY23, in addition to the growing existing subsidiaries, REL is considering new strategic businesses including insurance braking, digital wealth management, asset reconstruction, and alternate investment funds, and embarking on a new era of growth.

The identified sectors have business synergies with existing businesses of REL and this should have a multiplier effect on Religare group's business and financial performance.

Religare has so far concurred many legacy issues left over by its previous promoters including settlement with SEBI and becoming debt-free.

Commenting on this development, Dr. Rashmi Saluja, Executive Chairperson of REL, said, "The RFL OTS is the best possible solution for the lenders and RFL, especially considering its revival and expansion. With the completion of OTS, all the legacy issues will be over and the Religare group will stride forward to focus on future growth and becoming a 360° financial services provider."

At around 10.58 AM, Religare Enterprises was trading at Rs132.45 up by Rs9.95 or 8.12% from its previous closing of Rs122.50 on the BSE. The scrip opened at Rs127.40 and has touched intraday high and low of Rs136.30 and Rs126.05 respectively.