Religare Enterprises soars as its arm completes OTS with 16 lenders
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Religare Enterprises is currently trading at Rs. 159.40, up by 5.10 points or 3.31% from its previous closing of Rs. 154.30 on the BSE.
The scrip opened at Rs. 159.25 and has touched a high and low of Rs. 168.65 and Rs. 158.20 respectively. So far 327709 shares were traded on the counter.
The BSE group 'A' stock of face value Rs. 10 has touched a 52 week high of Rs. 192.30 on 28-Nov-2022 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. 168.65 and Rs. 130.00 respectively. The current market cap of the company is Rs. 5128.42 crore.
Institutions and Non-Institutions held 25.97% and 74.03% stake in the company, respectively.
Religare Enterprises’ wholly-owned subsidiary -- Religare Finvest (RFL), has completed the One-Time-Settlement (OTS) with 16 lenders by making a full and final payment of Rs 400 crore. The OTS was completed on March 8, 2023 nearly a month in advance before the deadline, as per the settlement agreement with the lenders dated December 30, 2022.
The settlement is the last milestone for the closure of the legacy issues, which emanated from the misconduct of the erstwhile promoters. This settlement paves the way for restarting business of RFL and focusing on building a niche in the Micro, Small & Medium Enterprises (MSME) lending space. RFL will have a healthy balance sheet to sustain business growth in the next few quarters.
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.
