Non-banking finance company Religare Finvest on March 8 completed the final payment of Rs 400 crore to lenders under the one-time settlement agreement, company officials told FE.

“We have till now paid the lenders Rs 9,000 crore, which includes one-time settlement amount of Rs 2,308 crore. Until December 31, we had already paid 83.5% of Rs 2,300 crore of dues, and yesterday we paid the remaining Rs 400 crore…,” said Rashmi Saluja, executive chairperson at Religare Enterprises.

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Since January 2018, Religare Finvest has repaid 16 lenders from internal collections and capital infusion by Religare Enterprises, Saluja said. Religare Finvest underwent the management change after its former promoters Shivinder Singh and his brother Malvinder Singh allegedly engaged in financial misappropriation of funds, among other illegal activities.

The NBFC continues to be under Reserve Bank of India’s corrective action list, and is hoping that the regulators will now remove the caps put in place for lending and other business activities after the completion of the settlement agreement.

Going ahead, Religare Enterprises is looking to raise Rs 600-700 crore via qualified institutional placement or preferential issue of shares, the chairperson said. She added that the company was looking to acquire and start new businesses in the space of ARCs, AIFs, digital wealth management, insurance broking and web aggregator business, among others. “We are going to get into a granular way of doing business. Apart from that, we will create niche spaces for ourselves. We are going to be entering healthcare segment which we have studied a lot…,” Saluja said.

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For Religare Enterprises’ broking subsidiary, the company is planning to launch an initial public offering in the next two years. “We are very confident because it is one of our flagship companies. It is doing very well and is compliant. Two years down the line, we are looking forward to make it listed,” Saluja said.

Saluja also said Religare Finvest’s subsidiary Religare Housing Development Finance Corp will be made a direct subsidiary of Religare Enterprises in due course to focus on rapid growth of the mortgage financier.