Religare Enterprises’ arm Religare Finvest will default on Rs 100 crore NCD payment obligation later this month to subscriber Axis Bank due to financial distress caused by misappropriation of funds by former promoters and officials.
NBFC firm Religare Finvest (RFL) had borrowed Rs 100 crore from Axis Bank by placing non-convertible debentures (NCDs) on a private placement basis in September 2015. The bonds, bearing a coupon of 10.68 per cent per annum, are set for maturity on April 30, 2021.
Religare Enterprises is one of India’s leading diversified financial services groups. It offers an integrated suite of financial services including asset management, life and health insurance, lending, broking, investment banking, and wealth management.
