For Quick Alerts
ALLOW NOTIFICATIONS  
For Daily Alerts

Reliance Capital Shares Surge On Listing Home Finance Biz

|

Shares of Reliance Capital rose 5 per cent after it approved a proposal to independently list its home finance business - Reliance Home Finance Ltd (RHF) on the stock exchanges.

Reliance Capital is a part of Anil Ambani led Reliance Group.

Reliance Capital Shares Surge On Listing Home Finance Biz
 

"The independent listing of Reliance Home Finance is expected to unlock substantial value for existing shareholders of Reliance Capital. The listing of Reliance Home Finance will also lead to increased management focus and accelerated growth in the home finance business," the press release said.

"The Hon'ble Prime Minister, Shri Narendra Modi, has set a goal of affordable housing for all by 2022. There is presently an estimated shortage of 100 million residential units in India. To address the needs of this sector, Reliance Home Finance has charted an aggressive growth plan in this space, and aims to increase its book size to over Rs. 50,000 crore in the next few years," said Mr. Anmol A. Ambani, Director, Reliance Capital Ltd.

"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," he added.

Reliance Capital will hold a 51 per cent 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 proposal is subject to necessary shareholders and other approvals.

Reliance Home Finance, a 100 per cent subsidiary of Reliance Capital, provides a wide range of loan solutions like home loan, LAP, Construction Finance and affordable housing loans. The company reported an AUM of Rs 8,259 crore (US$ 1.2 billion) during the quarter ended June 30, 2016.

Shares of Reliance Capital were seen trading at Rs 557, higher by 4.70 per cent on BSE at 12.08 pm iSt. It touched an intra-day high of Rs 559 during trade.

Goodreturns.in

Read more about: reliance capital
Story first published: Wednesday, September 14, 2016, 12:24 [IST]
Company Search
Get Instant News Updates
Enable
x
Notification Settings X
Time Settings
Done
Clear Notification X
Do you want to clear all the notifications from your inbox?
Settings X
We use cookies to ensure that we give you the best experience on our website. This includes cookies from third party social media websites and ad networks. Such third party cookies may track your use on Goodreturns sites for better rendering. Our partners use cookies to ensure we show you advertising that is relevant to you. If you continue without changing your settings, we'll assume that you are happy to receive all cookies on Goodreturns website. However, you can change your cookie settings at any time. Learn more