Religare Enterprises announced that its wholly-owned subsidiary Religare Finvest (RFL), has completed the One-Time Settlement (OTS) with 16 lenders on 8 March 2023 by making a full and final payment of Rs 400 crores well in advance of the three-month deadline as per the settlement agreement with the lenders dated 30 December 2022.
Since January 2018, when the new management took over, RFL has repaid over Rs 9,000 crore to its lenders from its collections and through the support of REL.
This settlement paves the way for restarting of business of RFL and focusing on building a niche in the MSME lending space. RFL will have a healthy balance sheet to sustain business growth in the next few quarters.
In continuation of its objective of focussing on the rapid growth of its affordable housing finance business, RFL's subsidiary RHDFCL will be made a direct subsidiary of REL in due course.
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