Religare Enterprises Limited (REL) and Religare Finvest Limited (RFL) have announced that the Reserve Bank of India (RBI) has not acceded to their application for the proposed scheme of arrangement involving the transfer of the demerged undertaking. This follows earlier approvals from stock exchanges and board resolutions. The companies will now engage with the regulator to provide further clarifications.
RBI Rejects Key Demerger Application
Religare Enterprises Limited (REL) and its subsidiary Religare Finvest Limited (RFL) have received notification from the Reserve Bank of India (RBI) regarding a proposed scheme of arrangement. The RBI has conveyed that the company’s application for a prior approval or no-objection for the scheme, which involves the transfer of a demerged undertaking from REL to RFL, has been examined and the request has not been acceded to.
Background and Next Steps
This development follows earlier intimations where REL had announced the approval of the scheme by its Board of Directors on February 14, 2026, subject to requisite regulatory approvals. Subsequently, the company had received observation letters with no objection from the National Stock Exchange of India Limited and ‘no adverse observations’ from BSE Limited. The company and RFL have stated that they will engage further with the RBI to provide additional clarifications as may be required concerning this matter.
Source: BSE
