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Reliance Capital gets shareholder nod of approval for demerger scheme

Demerger of Reliance Home Finance will facilitate its independent listing on stock exchange

IANS  |  Mumbai 

Representative image.
Representative image.

Financial services major Capital on Monday said its shareholders have approved the scheme for Home

According to the company, the scheme -- which will facilitate in the independent listing of Home -- was approved by 99.59 per cent votes in favour of the "Scheme of Arrangement" at the Tribunal-convened General Shareholders Meeting held on Monday.

"The will facilitate the independent listing of Reliance Home on the in the next few months," said Anmol Ambani, ED,

"The proposal will unlock substantial value for our shareholders, who will be allotted one share free of cost in Reliance Home Finance for every share held in Reliance Capital," he added.

As per the scheme, will hold 51 per cent stake in Reliance Home Finance, and will be adequately capitalised to grow the lending book multi-fold in the next 18 months.

Reliance Home Finance had assets under management (including securitised portfolio) of Rs 13,022 crore ($2 billion) as of June 30 last.

The company added that the transfer, which has been approved by the shareholders, will be effective from April 1, 2017 and will now be filed for requisite approvals from the National Company Law Tribunal and other regulatory bodies.

Reliance Home Finance provides a wide range of solutions like home loans, construction finance and affordable housing loans.


First Published: Mon, July 24 2017. 16:34 IST