Religare Enterprises Limited (REL) has announced that its wholly-owned subsidiary, Religare Finvest Limited (RFL), has cleared all its debts with external lenders, resolving all legacy issues and making it external debt-free. This marks a significant milestone in REL’s revival journey towards financial stability and operational efficiency.
RFL has completed the debt repayment of Rs 2178 crore to 16 external lenders through the One-Time-Settlement (OTS) on 8th March 2023, ahead of schedule. The Company completes repayment of over Rs 9,000 crores to the country’s banking system through collections and with the support of REL.
The debt resolution marks the culmination of management’s efforts to address legacy issues stemming from misconduct and funds theft by former REL promoters. With the external debt settlement completed, RFL is ready to resume operations with renewed vigor and strategic clarity, aiming to carve a niche in the Micro and Small Enterprise (MSE) lending segment.
