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TCG Advisory Services Pvt Ltd to acquire Religare Finvest Ltd

Posted On: 2019-07-11 08:22:38

Religare Enterprises Limited ("the Company") has entered into a binding term sheet with TCG Advisory Services Private Limited, Religare Finvest Limited ("RFL") and Religare Housing Development Finance Corporation Limited ("RHDFCL"), whereby the Company will divest its entire stake in RFL, a subsidiary of the Company, to TCG Advisory Services Private Limited or any of its affiliates ("Acquirer"). Pursuant to the aforesaid divestment, the Acquirer would also acquire indirect interest of the Company in RHDFCL, which is a subsidiary of RFL.

Religare Finvest Limited ("RFL") reported total revenue of Rs. 795.66 cr. for the financial year ended March 31, 2019 and its net worth / Equity was Rs. 946.85 cr. as at March 31, 2019 translating to approx. 33.09% of consolidated revenue and approx. 113.66% of consolidated net worth / 'Equity Attributable to Owners of the Company' of the Company as on March 31, 2019.

Religare Housing Development Finance Corporation Limited ("RHDFCL") reported total revenue of Rs. 130.09 cr. for the financial year ended March 31, 2019 and its net worth / Equity was Rs. 196.91 cr. as at March 31, 2019 translating to approx. 5.41% of consolidated revenue and approx. 23.64% of consolidated net worth / 'Equity Attributable to Owners of the Company' of the Company as on March 31, 2019.

The consideration amount is not being disclosed in terms of the confidentiality obligations under the Term Sheet.

The transaction is subject to necessary statutory and regulatory approvals and fulfillment of other conditions precedent.

Shares of RELIGARE ENTERPRISES LTD. was last trading in BSE at Rs.39.05 as compared to the previous close of Rs. 37.5. The total number of shares traded during the day was 209329 in over 1492 trades.

The stock hit an intraday high of Rs. 41 and intraday low of 37.55. The net turnover during the day was Rs. 8315733.


Source: Equity Bulls

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