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Religare Enterprises Ltd today said its subsidiary will write off a total of Rs 793.67 crore on account of non-receipt of dues.
“The board of directors of Religare Finvest Ltd (RFL), a material subsidiary company...has considered and approved a one-time write-off of the entire amount of Rs 519.92 crore in the profit and loss account pursuant to non-receipt of dues towards assignment of certain loan accounts by RFL,” Religare Enterprises said in a BSE filing.
It further said: “In addition to the above, the board of directors of RFL have further approved write-off of an entire amount of Rs 273.75 crore that is overdue in other accounts related to the same transaction.”
Shares of Religare Enterprises were trading 9.16 per cent lower at Rs 243.95 apiece on the BSE.
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