Religare soars over 10 per cent; heres why!

Incorporated in 1984, Religare Enterprises Ltd is a diversified financial services company that provides loans to SMEs, affordable housing finance, health insurance, and retail broking.

Today, the shares of Religare Enterprises Ltd (REL) surged more than 10 per cent as Religare Finvest Limited (RFL), a wholly-owned subsidiary of REL, informed the exchange that it has received a communication from its lead lender stating that the lenders have in-principally agreed to consider the one-time settlement (OTS) proposal of Religare Finvest Limited.  

Religare Finvest Ltd has been a victim of siphoning off funds by its former promoters. It initiated legal action for recovery and has now begun its path towards revival. Post the company’s OTS completion, it will have healthy prudential ratios well above those prescribed by RBI. Religare has also resolved many issues left over by its former promoters including settlement with SEBI and becoming debt-free. 

Incorporated in 1984, Religare Enterprises Ltd is a diversified financial services company with a presence all over India, operating through its subsidiaries. It provides loans to SMEs, affordable housing finance, health insurance, and retail broking. REL’s subsidiaries service over 11 lakh clients from over 1,275 locations, having a presence in more than 400 cities.  

Religare's health insurance, housing finance, and other subsidiaries are already on a trajectory of growth, harnessing their full potential with increasing market share & profitability. Therefore, keep a close eye on this scrip for upcoming sessions.