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New Delhi, June 24 Religare Finvest Ltd (RFL), a non-banking finance company, today announced that it has issued compulsorily convertible debentures (CCDs) for Rs 100 crore to Standard Chartered Bank, Mauritius.

The CCDs will form part of the tier-II capital of RFL. The move would help increase the capital adequacy ratio of the company. A release issued by the company said that the CCDs would convert into equity of RFL to the extent of 40 per cent at the end of 13 months and balance at the end of 25 months at a price to be fixed under the Controller of Capital Issues guidelines. Currently, RFL is a wholly owned subsidiary of Religare Enterprises Ltd.

RFL had recently undertaken an initiative to launch its ‘Religare Finmart’ branded chain of financial services across the country to service the growing need of third party distribution and consumer finance business.

More Stories on : Corporate Bonds | NBFCs | Foreign Institutional Investors | Financial Services

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