ALSO READNCLT approves Reliance Capital shareholder's meet on Home Finance demerger RCap to sell non-core biz Reliance Communications-Aircel merger gets shareholders' approval R-Cap files for listing of non-life insurance business Reliance Capital gets shareholder nod of approval for demerger scheme
Reliance Capital on Monday said its shareholders will get a free share of Reliance Home Finance (RHF) for each RCap stock held as on September 6.
Reliance Capital had received approval in June from National Company Law Tribunal (NCLT) for shareholders' meeting on demerger of RHF, facilitating independent listing of the home finance unit on exchanges.
The listing of RHF is expected to be completed by September, RCap had said at that time.
"All persons who are Shareholders of Reliance Capital Ltd as on September 6, 2017 will receive one free share of Reliance Home Finance Ltd for every share held in National Company Law Tribunal," RCap said in a statement today.
RCap said it will hold 51 per cent stake in RHF, and the company will be adequately capitalised to grow the lending book multi-fold in the future.
RHF had assets under management (AUM) of Rs 13,022 crore (USD 2 billion) as of June 30, 2017.
Stock of Reliance Capital closed 1.72 per cent up at Rs 788.55 on BSE.