Religare Finvest Hopes to Complete Debt Restructuring by December

Religare Finvest, which is the NBFC arm of embattled financial services conglomerate Religare Enterprises Ltd (REL), is hopeful of completing its debt restructuring by December this year, The Hindu Business Line reported. “We don’t expect the final restructuring plan to go beyond the third quarter of the year, maybe even earlier than December,” said Nitin Aggarwal, Group CFO, Religare Enterprises Ltd and CEO, Religare Broking, adding that once it is through, the company will be much different. The proposal has already been submitted to the lenders and is expected to be approved soon. The company is also in talks with strategic investors. The Reserve Bank of India in March this year had rejected a proposal to allow TCG Advisory, which is part of NRI investor Purnendu Chatterjee’s The Chatterjee Group, to pick up a stake in the company. Read more