Religare Enterprises Limited (REL) has announced that its owned subsidiary Religare Finvest Limited (RFL), has completed the OneTime-Settlement (OTS) with 16 lenders on Wednesday, as per an official release.
“RFL OTS is one of its kind revivals wherein the management has been able to conclude the legacy issues faced by Religare Group on account of fraudulent activities of erstwhile promoters and has still paid a significant amount to lenders while preserving the long-term value of the Religare Group," Dr Rashmi Saluja, Executive Chairperson, Religare Enterprises Limited, added.
As per the official statement, OTS is being completed by making a full and final payment of ₹400 crores well in advance of the three-month deadline as per the settlement agreement with the lenders dated 30th December 2022.
The company further informed that since January 2018, when the new management took over, RFL has repaid over ₹9,000 crores to its lenders from its collections and through the support of REL.
Meanwhile, RFL’s subsidiary RHDFCL will be made a direct subsidiary of REL in due course.