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Religare Enterprises is selling its entire stake in NBFC arm Religare Finvest Ltd (RFL) to TCG Advisory Services for ₹330 crore, according to a regulatory filing on Wednesday.
Religare Enterprises (REL) said in the filing that a share purchase agreement has been signed with TCG for selling stake in RFL, which is an SME-focussed NBFC and also owns a majority shareholding in housing finance provider, Religare Housing Development Finance Corporation Ltd (RHDFCL). REL, in July 2019, signed a binding term sheet with TCG Advisory Services to sell its NBFC and housing finance businesses.
According to the filing, REL is divesting its entire stake in RFL for ₹330 crore. The transaction is subject to receipt of statutory and regulatory approvals and fulfillment of other conditions.
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