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Reliance Capital shareholders to get 1:1 stock of home finance arm

LiveMint logoLiveMint 28-08-2017 PTI

New Delhi: Reliance Capital on Monday said its shareholders will get a free share of Reliance Home Finance (RHF) for each RCap stock held as on 6 September.

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 6 September 2017 will receive one free share of Reliance Home Finance Ltd for every share held in Reliance Capital Ltd,” RCap said in a statement on Monday.

RCap said it will hold 51% 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 Rs13,022 crore ($2 billion) as of 30 June 2017. Stock of Reliance Capital closed 1.72% up at Rs788.55 on BSE.

Reliance Group companies have sued HT Media Ltd, Mint’s publisher, and nine others in the Bombay high court over a 2 October 2014 front-page story that they have disputed. HT Media is contesting the case.

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