Religare Finvest's lenders may take a 49% haircut on Rs 58-billion debt

Any debt restructuring at Religare Finvest, which is being bought by TCG Advisory Services, would be the first among peers since the credit market squeeze started in 2018

Creditors to a struggling shadow financier, once controlled by former billionaires Shivinder Singh and Malvinder Singh, are finalising a rare debt recast in the sector by writing off almost half of the company’s loans, people familiar with the matter said.

Lenders to Religare Finvest, including State Bank of India, have agreed to take a 49 per cent haircut on its Rs 58 billion ($808 million) debt, the people said, asking not to be identified as the information isn’t public. The restructuring may be implemented as early as the end of January, they said.

Any debt restructuring at Religare Finvest, which is being