Religare Enterprises provides update on subsidiary

Board of Religar Finvest approves writeoff of dues aggregating Rs 793.67cr

Religare Enterprises announced that the Board of Directors of Religare Finvest ("RFL"), a material subsidiary company, at their meeting held on 14 November 2016 have considered and approved one-time writeoff 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. 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.

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