Religare Enterprises Limited (REL) has entered into a binding term sheet with TCG Advisory Services Private Limited for sale of its entire stake in Religare Finvest Limited(RFL), its NBFC arm, along with RFLs 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 RHDFCs businesses by aiding implementation of the ongoing debt resolution process in RFL", a company statement said.
This would also provide necessary support to boost future growth of the businesses, the statement added.
The transaction will 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 it towards a new phase of growth. 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", said Sanjay Palve, CEO of RFL and MD of RHDFC.
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