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Mumbai: After making a final payment of Rs 400 crore on Wednesday, Religare Finvest (RFL), a wholly owned subsidiary of Religare Enterprises, concluded a one-time settlement with 16 lenders. RFL has repaid more than Rs 9,000 crore to its lenders from its collections and with the support of the parent company since the new management took over in January 2018.
The group has devised strategies to expand its product range. The acquisition of an insurance aggregator, an ARC, alternative investment funds, insurance broking, and digital wealth management are among these.
In the beginning of 2018, the former promoters of Religare Enterprise, Malvinder and Shivinder Singh, left the board of the company. Since then, the board of directors has run the business. The Burman family of the Dabur Group has also increased their stake in the company to 14 percent. The new board and the executives have faced a long conflict for activity against the Singh siblings and to persuade moneylenders for a repayment.
“We want to be seen as the top 360-degree financial services provider,” Religare Enterprises executive chairperson Rashmi Saluja stated in an interview with TOI. Now we want to start over, carry on with good governance, and expand our reach into new and existing areas.
She stated that the company was already enhancing its platform-specific technology for the subsequent growth phase. She stated, "We are prepared to give a push to our businesses across verticals, including lending, with the one-time settlement." The company is considering acquiring new investors and existing shareholders for funding. The majority of our shareholders want to be a part of everything we do in the future. For the time being, we are working on making ourselves more competitive for growth and improving our credit ratings. Saluja stated, "Our fundraising efforts will only be strengthened by improved creditworthiness." “We will continue to evaluate all of the possibilities and new opportunities that are coming our way in the next two to three months. Saluja stated, "In the long run, we will continue to focus on lending to micro and small businesses (MSMEs)." Through Religare Housing Development Finance, which is currently a direct subsidiary of Religare Enterprises, the business would concentrate on small ticket-size loans as well as affordable housing.
