Purnendu Chatterjee-owned The Chatterjee Group (TCG) Advisory Services has entered into an agreement with Religare Enterprises to gather its NBFC arm Religare Finvest (RFL) and housing finance employer Religare Housing Development Finance Corporation (RHDFC).
SBI Capital Markets acted as an advisor inside the entire transaction. RFL has liabilities of Rs 5,800 crore, that is being restructured through a set of lenders, headed with the aid of State Bank of India (SBI).
In a filing to the stock exchanges, Religare Enterprises stated it might divest its whole stake in RFL to TCG Services or any of its associates. This way TCG will advantage manage of the housing finance organization RHDFC, a subsidiary of RFL.
Lenders to RFL have already signed the inter-creditor settlement beneath the revised recommendations of the Reserve Bank of India for the careworn property. Lenders anticipate the restructuring of loans to be completed with the aid of August 2019. A general of 22 lenders is a part of the organization, which had extended credit score to the NBFC.
Sanjay Palve, chief executive officer of RFL and RHDFC, said: “This comes as a large development for the Religare Group, which now not handiest complements fee for its shareholders, with advanced attention on its different companies, however additionally strengthens RFL and RHDFC’s organizations by way of helping implementation of the continuing debt resolution process in RFL, and presenting important assist to boost destiny growth of the corporations.”
The business enterprise, then again, is looking for extra time to make payments for its liabilities. “The new promoter of the agency (TCG Advisory Group) is predicted to infuse Rs 300-350 crore inside the struggling firm. Also, because the organization is seeing an alternate in management, with Religare exiting the organization completely, the restructured loans may be handled as fashionable property,” Palve said.
RFL has an asset base of Rs 7,000 crore, which incorporates Rs 4,500-crore SME mortgage ebook. RHDFC has a mortgage ebook of Rs 725 crore, with liabilities of Rs 500 crore and capital base of Rs two hundred crores. “We are confident that through this transaction we are able to be able to capitalize each RFL and RHDFC to achieve growth in the excessive-capability SME and low priced housing sectors,” Palve delivered.
According to the submitting, RFL posted a complete revenue of Rs 795 crore in FY19 and its net well worth changed into to the song of Rs 946 crore. RHDFC suggested a total sales of Rs 130 crore in 2018-19 and its internet worth become Rs 196 crore.
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