Religare Enterprise has terminated the sale of Religare Finvest and Religare Housing Development Finance Corp to The Chatterjee Group (TCG) after failing to secure an approval from the RBI.
The company has been told to look for a revised proposal for the revival of Religare Finvest. The communication did not provide any reason why the RBI denied the permission.
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TCG Advisory Services Pvt Ltd had proposed to buy RFL for Rs 330 crore. Under the share purchase agreement dated October 1, 2019, the long stop date for the transaction was agreed to be March 20, 2020.
Haldia Petrochemicals Ltd, the crown jewel of TCG, had decided to fund the acquisition of RFL by TCG Advisory Services Pvt Ltd.
