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Report: Banks to write off 49% of Religare Finvest's debt in restructuring

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Report: Banks to write off 49% of Religare Finvest's debt in restructuring

Lenders to India's Religare Finvest Ltd. agreed to write off 49% of the troubled company's 58 billion rupees in debt as part of a restructuring, Bloomberg News reported Jan. 7, citing people with knowledge of the matter.

The proposed restructuring will be executed after Religare Finvest's new owner, TCG Advisory Services Ltd., injects fresh equity into the company, the sources said, adding that the restructuring may be implemented as early as the end of January. State Bank of India is one of the lenders to the company, according to the report.

Religare Finvest was accused of financial irregularities under its previous shareholders, Shivinder Singh and Malvinder Singh. Since January 2018, the Indian shadow bank has been under the Reserve Bank of India's corrective action plan, which restricts the company from making new loans.

Religare Finvest and State Bank of India did not immediately respond to Bloomberg's requests for comments.

As of Jan. 7, US$1 was equivalent to 71.85 Indian rupees.