Sunday, March 26, 2023

Religare eyes new business after one-time deal – Usky News

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MUMBAI: Religare Finvest (RFL), a wholly-owned subsidiary of Religare Enterprises, on Wednesday completed a one-time settlement with 16 lenders after making the final payment of Rs 400 crore. Since January 2018, when the new management took over, RFL has paid over Rs 9,000 crore to its lenders from its own collections and through parent company support.
The group has drawn up plans to broaden its offering. These include acquisition of an insurance aggregator, an asset reconstruction company (ARC), alternative investment fund, insurance broking and digital wealth management.
Malvinder and Shivinder Singh, former promoters of Religare Enterprise, had resigned from the company’s board in early 2018. Since then the company is being run by the Board. The shareholding has also been changed with the Burman family of the Dabur group increasing their stake to 14%. The new board and management have fought a long battle to persuade the creditors to take action against the Singh brothers and for a resolution.
Speaking to TOI, Rashmi Saluja, executive chairman, Religare Enterprises, said, “We want to be seen as the top 360-degree financial services provider. Now we want to reinvent ourselves, continue with the right governance , looking to expand our presence in existing and new territories.”
He added that the company is already scaling its technology across platforms for the next phase of growth. “With the one-time settlement, we are set to boost our business across all segments including lending,” he added. The company is looking to raise funds from existing shareholders and new investors. “The majority of our shareholders are interested in participating in all of our future endeavors. For now, we are working on improving our credit rating and making us more competitive for growth. Improved creditworthiness will only strengthen our fundraising efforts.” Will do,” Saluja said. “Over the next two to three months, we will continue to evaluate all the possibilities and new opportunities coming our way. In the longer term, at RFL, we will continue to focus on lending to micro and small enterprises (MSMEs), Saluja said. The focus of the company will be on small size loans and affordable housing through Religare Housing Development Finance, which is now a direct subsidiary of Religare Enterprises.


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