Religare Enterprises gains as its lenders in-principally agree to proposed OTS of RFL
Religare Enterprises is currently trading at Rs. 136.35, up by 0.65 points or 0.48% from its previous closing of Rs. 135.70 on the BSE.
The scrip opened at Rs. 138.40 and has touched a high and low of Rs. 139.10 and Rs. 132.20 respectively. So far 92873 shares were traded on the counter.
The BSE group 'A' stock of face value Rs. 10 has touched a 52 week high of Rs. 194.50 on 24-Sep-2021 and a 52 week low of Rs. 97.65 on 12-May-2022.
Last one week high and low of the scrip stood at Rs. 139.10 and Rs. 113.95 respectively. The current market cap of the company is Rs. 4342.43 crore.
The Institutions and Non-Institutions holding in the company stood at 21.97% and 78.03% respectively.
Religare Enterprises’ lenders have in-principally agreed to consider the One-Time Settlement (OTS) proposal of Religare Finvest (RFL) a wholly-owned subsidiary of the company. 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.
The company 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.
Religare's Health Insurance, Housing Finance and Braking subsidiaries are already on a trajectory of growth, harnessing their full potential with increasing market share and profitability.
Religare Enterprises is one of India’s leading diversified financial services groups. It offers an integrated suite of financial services including asset management, life and health insurance, lending, broking, investment banking, and wealth management.