Lenders agree to Religare Finvest's settlement plan

RFL owes more than a dozen lenders led by Bank of Baroda a total of ₹5,344 crore. It has offered to settle these claims with a payment of ₹2,320 crore - a 57% haircut for secured creditors. The amount includes cash reserves of ₹1,700 crore in RFL parked in the escrow account with banks and the rest will be infused by parent Religare Enterprises (REL), people familiar with the plan said.

from Banking/Finance-Industry-Economic Times https://ift.tt/mijYVzN