Religare Enterprises to write-off Rs794 crore
Religare Enterprises says the board of directors of RFL have further approved write-off of an entire amount of Rs273.75 crore standing overdue in other accounts related to the same transaction
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New Delhi: Religare Enterprises Ltd on Tuesday said its subsidiary will write-off a total of Rs793.67 crore on account of non-receipt of dues. “The board of directors of Religare Finvest Ltd (RFL), a material subsidiary company...has considered and approved one-time write-off of entire amount of Rs519.92 crore in the profit and loss account pursuant to non-receipt of dues towards assignment of certain loan accounts by RFL,” Religare Enterprises said in a BSE filing.
It further said, “In addition to the above, the board of directors of RFL have further approved write-off of an entire amount of Rs273.75 crore standing overdue in other accounts related to the same transaction.”
Shares of Religare Enterprises were trading 9.16% lower at Rs243.95 apiece on BSE.