The revised debt restructuring proposal for Religare Finvest Ltd (RFL) has entered the final stage with lead lender State Bank of India giving its preliminary nod for the rejig.
RFL, an NBFC arm of Religare Enterprises Ltd, has been barred from undertaking fresh business as it is under corrective action plan of the Reserve Bank of India since January 2018 due to its weak financial health.
“Yesterday, we got a favourable nod from SBI that they are going to be considering favourably the proposal with REL as an investor (for RFL debt recast),” Religare Enterprises Chairperson Rashmi Saluja told PTI on Friday.
Other formalities like capital infusion would be undertaken shortly, she said, adding, implementation should happen in two mo…
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