Mumbai, Jul 12 (IANS): Religare Enterprises on Thursday announced that it has entered into a binding term sheet with TCG Advisory Services Pvt Ltd for sale of its entire stake in its NBFC arm, Religare Finvest Ltd (RFL), along with RFLs housing finance subsidiary, Religare Housing Development Finance Corporation (RHDFC).

The sale would aid the implementation of the ongoing debt resolution process in RFL, besides providing the necessary support to boost future growth of the businesses, Religare said in a statement, adding that the transaction shall be subject to regulatory approvals as well as signing of the final transaction documents between both the parties.

"This is an inflection point in the journey of Religare Group which galvanises the group towards a new phase of growth. Further, we are confident that through this transaction, we will be able to capitalise both RFL and RHDFC to achieve growth in the high potential SME and affordable housing sectors," said Sanjay Palve, Chief Executive Officer at RFL. Palve is also the Managing Director at RHDFC.

He further added that the advisor to the transaction, SBI Capital Markets Limited, has been playing a pivotal role in concluding the binding term sheet, taking into account the interest of all the stakeholders.