Religare Enterprises Limited
Press Release: 11th July, 2019
Religare Enterprises Limited (REL) is pleased to announce that it has entered into a binding term sheet with TCG Advisory Services Private Limited ‘TCG’ for sale of its entire stake in its NBFC arm, Religare Finvest Limited (RFL) along with RFL’s housing finance subsidiary, Religare Housing Development Finance Corporation Limited (RHDFC). This comes as a significant development for the Religare Group, which not only enhances value for its shareholders, with improved focus on its other businesses, but also strengthens RFL and RHDFC’s businesses by aiding implementation of the ongoing Debt Resolution process in RFL, as well as providing necessary support to boost future growth of the businesses. The aforementioned transaction shall be subject to necessary regulatory approvals as well as signing of the final transaction documents between both the parties
“This is an inflection point in the journey of Religare Group which galvanises the Group towards a new phase of growth. Further, we are confident, that through this transaction we will be able to capitalise both RFL and RHDFC, to achieve growth in the high potential SME and affordable housing sectors. The government impetus on MSME and housing sector, reinforced by the recent budget announcements, will ensure robust long-term growth for both sectors. Following the completion of this transaction and implementation of the debt resolution plan of RFL, I am positive of a great future for RFL & RHDFC”, said Mr. Sanjay Palve, CEO - RFL & MD - RHDFC.
He further added that the advisor to the transaction, SBI Capital Markets Limited, has been playing a pivotal role in concluding the binding term sheet, taking into account the interest of all stakeholders.
The Chatterjee Group (TCG), founded by Dr. Purnendu Chatterjee in 1989, is a well-known business conglomerate with diversified interests in petrochemicals (Haldia Petrochemicals Limited), life sciences, real estate and software. The Group now endeavors to diversify into the financial services sector as well.
About Religare Enterprises Limited:
Religare Enterprises Limited is a diversified financial services group offering SME loans, affordable housing loans, health insurance services and retail broking services through its subsidiaries and operating entities and is listed on the BSE and NSE. As a group, Religare caters to diverse segments of the market from mass retail to affluent SMEs to mid-size corporates. Its subsidiaries service over 1.1 million clients from over 1,275 locations having presence in more than 400 cities.
For more information, visit www.religare.com