Religare Enterprises to write-off Rs 794 crore

Religare Enterprises Ltd today said its subsidiary will write-off a total of Rs 793.67 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 Rs 519.92 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 Rs 273.75 crore standing overdue in other accounts related to the same transaction."

Shares of Religare Enterprises were trading 9.16 per cent lower at Rs 243.95 apiece on BSE.