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  1. Reliance Capital to list home finance business

Reliance Capital to list home finance business

The board of directors of Anil Ambani-led Reliance Capital on Tuesday approved the plan of independently listing its home finance business on the stock exchanges

By: | Mumbai | Published: September 14, 2016 6:24 AM
The board of directors of Anil Ambani-led Reliance Capital on Tuesday approved the plan of independently listing its home finance business on the stock exchanges The board of directors of Anil Ambani-led Reliance Capital on Tuesday approved the plan of independently listing its home finance business on the stock exchanges

The board of directors of Anil Ambani-led Reliance Capital on Tuesday approved the plan of independently listing its home finance business on the stock exchanges. Under the proposal, 49% stake in Reliance Home Finance will be allotted to all shareholders of Reliance Capital in the ratio of one share free of cost in Reliance Home Finance for every one share held in Reliance Capital.

Reliance Capital will hold a 51% stake in Reliance Home Finance, and the company will be adequately capitalised to grow the lending book to over Rs 20,000 crore in the next 18 months. “The independent listing of Reliance Home Finance is expected to unlock substantial value for existing shareholders of Reliance Capital,” the company said.

“We expect the listing and allotment of shares in Reliance Home Finance, free of cost, to unlock significant value for our almost one million strong shareholder family,” said Anmol Ambani, director, Reliance Capital. Reliance Home Finance provides mortgages, loans against property, construction finance and home loans. The company has assets of Rs 8,259 crore as on June 30, 2016.

Ambani further added, “The hon’ble Prime Minister, Narendra Modi, has set a goal of affordable housing for all by 2022. There is currently an estimated shortage of 100 million residential units in India.

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