Religare Enterprises Limited , a prominent financial services group, has announced a significant development regarding its step-down subsidiary, Religare Housing Development Finance Corporation Limited (RHDFCL). The company has withdrawn the credit rating for its proposed ₹100 crore non-convertible debentures (NCDs), marking a shift in its financial strategy.

Credit Rating Withdrawal

According to a disclosure made by Religare Enterprises under Regulation 30 of SEBI's Listing Obligations and Disclosure Requirements, RHDFCL requested Infomerics Valuation and Rating Ltd. (Infomerics) to withdraw the credit rating assigned to its proposed NCDs. Infomerics complied with this request, as confirmed in their press release dated August 19, 2025.

Previous Rating and Instrument Details

Prior to the withdrawal, the proposed NCDs had been assigned a rating of 'IVR BBB-/Stable' (IVR Triple B minus with Stable outlook) by Infomerics. This rating indicated a moderate degree of safety regarding timely servicing of financial obligations and carried a moderate credit risk.

Reasons for Withdrawal

The primary reason for the rating withdrawal appears to be that no debentures were issued under the proposal. This was confirmed by RHDFCL's statutory auditor, who stated that the company had not issued any NCDs on or after September 30, 2024, using the rating assigned by Infomerics.

Impact on Financial Strategy

The decision to withdraw the credit rating for the proposed NCDs suggests a potential shift in RHDFCL's funding strategy. It may indicate that the company is exploring alternative financing options or reassessing its capital requirements in the current market conditions.

Company Background

Religare Housing Development Finance Corporation Limited is a housing finance company operating as a non-deposit-taking entity with SARFAESI license. It was incorporated on June 30, 1993, and was acquired by the Religare group in May 2009.

Market Implications

While the withdrawal of the credit rating does not directly impact Religare Enterprises' current financial position, it may influence investor perceptions about the company's subsidiary and its future fundraising plans. Investors and market analysts will likely be watching closely for any further developments or alternative funding announcements from RHDFCL.

This move by Religare's subsidiary underscores the dynamic nature of financial planning in the corporate world, where companies must continually adapt their strategies to align with market conditions and organizational needs.

Religare Enterprises Limited (REL) has announced its financial results for the first quarter, reporting a consolidated net profit of Rs. 817.27 lakhs. The company's board also made key appointments and financial decisions during its recent meeting.

Financial Performance

For the quarter ended June 30, REL posted a consolidated net profit of Rs. 817.27 lakhs, compared to Rs. 2,681.20 lakhs in the same quarter last year. The company's total revenue for Q1 stood at Rs. 1,87,168.97 lakhs, up from Rs. 1,71,443.19 lakhs in the corresponding quarter of the previous year.

Key Financial Metrics

Board Meeting Outcomes

The Board of Directors, in their meeting held on August 12, made several significant decisions:

1. Appointed Mr. Pratul Gupta as Interim Chief Financial Officer, to be designated as Key Managerial Personnel.

2. Continued M/s J C Bhalla & Company as statutory auditors for two financial years, subject to shareholder approval.

3. Appointed M/s PI & Associates as secretarial auditors for a term of five years, subject to shareholder approval.

4. Approved letters of assurance worth Rs. 10 lakhs each to two non-operational subsidiaries, MIC Insurance Web Aggregator Private Limited and Religare Care Foundation, for working capital requirements.

Segment Performance

The company reported segment-wise revenue:

• Insurance: Rs. 1,75,602.97 lakhs
• Broking Related Activities: Rs. 7,103.40 lakhs
• Investment and Financing Activities: Rs. 2,471.48 lakhs
• E-Governance: Rs. 2,109.08 lakhs

Other Developments

The Board noted the withdrawal of all restrictions imposed under the Corrective Action Plan (CAP) by the Reserve Bank of India on Religare Finvest Limited, a subsidiary of REL, effective July 23.

Additionally, the company mentioned ongoing income tax litigations, with a demand of Rs. 10,853 lakhs (including interest) for the Assessment Year 2017-18, against which an appeal is pending before the Income Tax Appellate Tribunal.

Religare Enterprises continues to navigate various regulatory and operational challenges while focusing on its core business segments. The appointment of an Interim CFO and the continuation of its auditors reflect the company's efforts to strengthen its financial management and corporate governance practices.