Religare Enterprises divests stake in housing finance unit

      Comments Off on Religare Enterprises divests stake in housing finance unit




NEW DELHI: Religare Enterprises said Thursday it will sell its entire stake in NBFC arm Religare Finvest Ltd (RFL) along with RFL’s housing finance subsidiary RHDFC to TCG group for an undisclosed amount.

REL has entered into a binding term sheet with TCG Advisory Services (TCG) for sale of its entire stake in its NBFC arm, RFL along with RFL’s housing finance subsidiary Religare Housing Development Finance Corporation (RHDFC), Religare Enterprises Ltd (REL) said in a release.

The company said this is a significant development for the Religare group, which not only enhances value for its shareholders, with improved focus on other businesses, but also strengthens RFL and RHDFC businesses by aiding implementation of the ongoing debt resolution process in RFL.

It will also provide necessary support to boost future growth of the businesses, it said.

RHDFC Managing Director Sanjay Palve, who is also the chief executive officer of RFL, said through this transaction, the group will be able to capitalise both RFL and RHDFC in a high-potential small and medium enterprises and the affordable housing sector.

Source: Press Trust of India