Religare Enterprises Limited (REL) has declared that its subsidiary, Religare Finvest Limited (RFL), has successfully cleared all its debts with external lenders, thereby the debt resolution initiative has successfully resolved the default status of RFL, making it externally debt-free. RFL has achieved a significant milestone in its revival journey towards financial stability and operational efficiency, now preparing for fresh lending business.
RFL diligently repaid over Rs 9,000 crores to the country’s banking system through collections and with the support of REL. Through the One-Time-Settlement (OTS), RFL completed the debt repayment of Rs 2178 crore to 16 external lenders on 8th March 2023, ahead of schedule.
The management has resolved debts arising from misconduct and funds theft by former REL promoters, marking the end of their efforts. RFL is set to resume operations with renewed vigor and strategic clarity after completing the external debt settlement, aiming to establish a niche in the Micro and Small Enterprise lending segment.
