Religare Enterprises Ltd has unveiled the blueprint for its significant restructuring, confirming a 1:1 share swap ratio as part of the demerger of its financial services business. The move is designed to simplify the group structure and unlock shareholder value by creating independent listed entities.
The Deal Structure & Timeline
The management told NDTV Profit that the company endeavours to complete the process and list Religare Finvest Limited (RFL) in Q1 of FY28. Under the proposed restructuring, the entire financial services undertaking of REL—including lending, broking, and investment activities—will be transferred to RFL on a going concern basis.
For shareholders, the value proposition is direct: for every one equity share held in REL, shareholders will receive one fully paid-up equity share in RFL. The management told NDTV Profit that any shares currently held by REL in RFL will be cancelled to ensure that the post-scheme shareholding pattern of RFL mirrors the pre-scheme pattern of REL.
Crucially, REL will retain its 63.2% investment in Care Health Insurance Limited (CHIL).
Financial Health and Outlook
Addressing the “mixed numbers” seen in the recent quarter, the management told NDTV Profit that Q3 FY26 has been a quarter of “steady progress and structural strengthening” rather than short-term acceleration. Across its health insurance and MSME lending segments, the focus has remained on stability and asset quality.
Regarding capital requirements, the management told NDTV Profit that they do not envisage any immediate requirement for equity infusion in RFL following the demerger, as the business is expected to operate on its existing capital base.
ALSO READ: Burman-Backed Religare Enterprises Announces Demerger To Unlock Shareholder Value
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