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  1. PE firm looks to stop Religare Enterprises promoters Malvinder Singh, Shivinder Singh from selling stake

PE firm looks to stop Religare Enterprises promoters Malvinder Singh, Shivinder Singh from selling stake

Private equity firm Resurgence PE Investments on Wednesday sought to restrain Religare Enterprises (REL) promoters Malvinder Singh and Shivinder Singh from selling their stakes in the holding company.

By: | New Delhi | Published: November 30, 2017 6:20 AM
Private equity firm, PE firm, Religare Enterprises, Religare Enterprises promoters, Malvinder Singh, Shivinder Singh, Resurgence PE Investments Private equity firm Resurgence PE Investments on Wednesday sought to restrain Religare Enterprises (REL) promoters Malvinder Singh and Shivinder Singh from selling their stakes in the holding company.

Private equity firm Resurgence PE Investments on Wednesday sought to restrain Religare Enterprises (REL) promoters Malvinder Singh and Shivinder Singh from selling their stakes in the holding company and its financial arm Religare Finvest as the former is in “financial doldrums” and its value is “eroding rapidly.” Senior counsel Akhil Sibal, on behalf of Resurgence PE, argued before the Delhi High Court that the promoters have realised that the companies will collapse and thus they were selling their assets in both Religare Finvest and Religare Enterprises.

He said that the promoter holdings’ were down from over 50% in June to around 17% as on November 14. The counsel contended that REL had incurred a 300% loss for the quarter ended March 31 and a credit rating had even downgraded its ratings and warned investors to be careful before making any investments in the company. Another private equity firm Nylim Jacob Ballas India Fund III LLC is likely to begin its arguments on Thursday before justice Yogesh Khanna.

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