India's Religare Finvest may see 49% haircut with rare debt recast

Its lenders have reportedly agreed to write off almost half of its $808m debt.

Bloomberg reports that creditors to Religare Finvest, an Indian shadow financier once controlled by former billionaires Shivinder Singh and Malvinder Singh, are finalizing a rare debt recast in the sector by writing off almost half of the company’s loans.

Lenders to Religare Finvest, including State Bank of India, have agreed to take a 49% haircut on its $808m (58b rupees) debt, according to people familiar with the matter said. The restructuring may be implemented as early as the end of January, they said.

Any debt restructuring at Religare Finvest, which is being bought by TCG Advisory Services , would be the first amongst peers since the credit market squeeze started in 2018.

Other shadow lenders such as Reliance Home Finance and Altico Capital India are struggling to rework their debt, whilst mortgage financier Dewan Housing Finance Corp is facing bankruptcy.

Here’s more from Bloomberg.

Also Read

Tighter policies drag South Korean household loan growth in September

SME loans in Taiwan rose in August

Since you're here...

...there are many ways you can work with us to advertise your company and connect to your customers. Our team can help you dight and create an advertising campaign, in print and digital, on this website and in print magazine.

We can also organize a real life or digital event for you and find thought leader speakers as well as industry leaders, who could be your potential partners, to join the event. We also run some awards programmes which give you an opportunity to be recognized for your achievements during the year and you can join this as a participant or a sponsor.

Let us help you drive your business forward with a good partnership!

I want to download the media kit