Religare Enterprises becomes debt free
Update: 03 June 2020 16:45 STI
New Delhi [India], Jun 3 (ANI / NewsView): Religare Enterprises Limited (REL), the core investment firm (CIC) that caters to clients in a wide range of financial services, through its lending subsidiaries , brokerage and insurance, today announced a new milestone achievement as it has become without external debt.
The Kedaara transaction which just ended with a total investment of 567 crore rupees has helped REL free itself from its external debt. A portion of the proceeds was used for the payment of the full and final settlement of Rs 153 crore to Axis Bank and this transaction will allow REL to reflect zero external debt on its books.
“We are pleased to report that even in the most difficult times, we are fulfilling all of our commitments. Settling our financial dues, well ahead of schedule, demonstrates our commitment to resolving all legacy issues and moving forward. moving forward We are grateful to all who have supported us through our difficult times, ”said Dr Rashmi Saluja, Executive Chairman of Religare Enterprises Limited.
“While there have been many headwinds and legacy issues, we have successfully resolved most of them, and more are on the road to resolution. Among them, the Axis settlement stands out as a milestone as it released the external debt of Religare Enterprises, “said Nitin Aggarwal, CFO of Religare Enterprises Limited.
“REL has been in course correction mode for two years and we are heading the ship to make sure all businesses are operating to their full potential and accelerating their growth,” he added.
Having reached the important milestone without external debt, the Company is also well placed to meet all the requirements of the other subsidiaries.
Medicare business is growing at nearly 50% CAGR over the past three years, and REL expects it to continue to grow at the same rate in the future. Brokerage activity stabilized and began to grow in fiscal years 20-21.
Based on the above and the underlying strong financial position of the group as a result of the long term actions taken by the new board and management, REL expects a turnaround in fiscal year 20-21.
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