U Gro Capital to acquire Religare Finvest in Rs 400 crore deal soon: Anil Singhvi

Zee Business Managing Editor Anil Singhvi on Friday revealed that U Gro Capital will acquire the business of Religare Finvest. The Market Guru was told that both companies have exchanged non-binding terms document between them. Citing sources, Zee Business correspondent Anurag Shah said Mumbai-based U Gro Capital will take over the business of Religare Finvest. He said, “U Grow Capital will acquire Religare Finvest for Rs 400 crore. Most important development in this regard is the exchange of non-binding term documents between the two companies, indicating it's almost a sealed deal now. The announcement in this regard will be also made anytime soon.”

Anurag further said, “U Grow Capital founder Mr Nath used to be the CEO of Religare back in 2016 and hence he knows weaknesses and strengths of the company.”

Anurag said it is a big development considering management of Religare Finvest was changed in 2018 and RBI corrective measures were taken subsequently after discrepancies were detected in the company’s work.