The financial services company Religare Enterprises on Wednesday announced the company has become debt-free after repaying Rs 185.5 crore to its subsidiary Religare Finvest.
"We are pleased to announce that REL is completely debt free now. As a holding company, REL is providing the necessary growth capital to all its businesses and REL is all set to expand in new BFSI verticals, having synergies with existing businesses," Rashmi Saluja, Chairperson of the company said in a regulatory filing to the exchanges on Wednesday.
The company said it will enter new sectors such as Asset Reconstruction, Alternate Investment Funds, Insurance Broking, Digital Wealth Management.
These new verticals are expected to have a "multiplier effect" in Religare Group's businesses and financial performance, it said in the filing.
Further, the company, in the same filing, said it is in the process of creating a "war chest" to grow the new ventures organically and inorganically.
War chests are funds typically earmarked for a specific purpose, action or campaign or in case of contingency.
Reacting to the company becoming debt-free and its plan to foray into new verticals, its shares rose 3 per cent to Rs 126.45 at 12.47 p.m..--IANS
ad/dpb
(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)
Dear Reader,
Business Standard has always strived hard to provide up-to-date information and commentary on developments that are of interest to you and have wider political and economic implications for the country and the world. Your encouragement and constant feedback on how to improve our offering have only made our resolve and commitment to these ideals stronger. Even during these difficult times arising out of Covid-19, we continue to remain committed to keeping you informed and updated with credible news, authoritative views and incisive commentary on topical issues of relevance.
We, however, have a request.
As we battle the economic impact of the pandemic, we need your support even more, so that we can continue to offer you more quality content. Our subscription model has seen an encouraging response from many of you, who have subscribed to our online content. More subscription to our online content can only help us achieve the goals of offering you even better and more relevant content. We believe in free, fair and credible journalism. Your support through more subscriptions can help us practise the journalism to which we are committed.
Support quality journalism and subscribe to Business Standard.
Digital Editor
RECOMMENDED FOR YOU