Social News XYZ     


Religare to sell NBFC arm to TCG Advisory Services

Religare to sell NBFC arm to TCG Advisory Services
Mumbai, July 11 (IANS) Religare Enterprises on Thursday announced that it has entered into a binding term sheet with TCG Advisory Services Pvt Ltd for sale of its entire stake in its NBFC arm, Religare Finvest Ltd (RFL), along with RFLs housing finance subsidiary, Religare Housing Development Finance Corporation (RHDFC).

The sale would aid the implementation of the ongoing debt resolution process in RFL, besides providing the necessary support to boost future growth of the businesses, Religare said in a statement, adding that the transaction shall be subject to regulatory approvals as well as signing of the final transaction documents between both the parties.

"This is an inflection point in the journey of Religare Group which galvanises the group towards a new phase of growth. Further, we are confident that through this transaction, we will be able to capitalise both RFL and RHDFC to achieve growth in the high potential SME and affordable housing sectors," said Sanjay Palve, Chief Executive Officer at RFL. Palve is also the Managing Director at RHDFC.

He further added that the advisor to the transaction, SBI Capital Markets Limited, has been playing a pivotal role in concluding the binding term sheet, taking into account the interest of all the stakeholders.

 

Facebook Comments
Religare to sell NBFC arm to TCG Advisory Services

About Gopi Adusumilli

Gopi Adusumilli is a Programmer. He is the editor of SocialNews.XYZ and President of AGK Fire Inc. He enjoys designing websites, developing mobile applications and publishing news articles on current events from various authenticated news sources. When it comes to writing he likes to write about current world politics and Indian Movies. His future plans include developing SocialNews.XYZ into a News website that has no bias or judgment towards any. He can be reached at gopi@socialnews.xyz

Advertisements

you're currently offline

%d bloggers like this: