Religare receives big impetus, lenders in principally agree to the proposed One Time Settlement of Religare Finvest

New Delhi,1st June 2022: Religare Enterprises Limited (REL), India’s leading diversified
financial service group, in continuation to its earlier announcements relating to the revival plan
of Religare Finvest Limited (RFL), a wholly-owned subsidiary of REL has announced that it has
received a communication from its lead lender, informing that the lenders have in-principally
agreed to consider the One-Time Settlement (“OTS”) proposal of RFL.
Led by the new management and professionally run independent Board since 2018, REL has
focused on providing growth, stability and good governance to all its businesses.
Religare’s Health Insurance, Housing Finance and Broking subsidiaries are already on a
trajectory of growth, harnessing their full potential with increasing market share and
profitability.
In FY 2023, in addition to the growing existing subsidiaries, REL is going to enter new strategic
businesses including insurance broking, digital wealth management, asset reconstruction and
alternate investment funds and embarking on a new era of growth. The identified sectors have
business synergies with existing businesses of REL and this should have a multiplier effect in
Religare group’s business and financial performance.
Religare has resolved many legacy issues left over by its erstwhile promoters including
settlement with SEBI and becoming debt free.
RFL which has been a victim of siphoning off of funds by its erstwhile promoters has initiated
and pursuing legal actions for recovery and now begun its path towards revival. Post RFL’s OTS
completion, it will have healthy prudential ratios well above those prescribed by RBI.
Speaking on this development, Dr Rashmi Saluja, Executive Chairperson of REL, said, “The RFL
OTS is a win-win solution for the lenders and RFL, especially for its revival and expansion. With
the completion of OTS, all the legacy issues will be behind us and the Religare group will stride
forward to focus on future growth and becoming a 360⁰ financial services provider.”