Reliance Capital said its housing finance unit Reliance Home Finance will list on the stock exchanges this Friday. The move is expected to unlock value for the existing shareholders of the firm, Reliance Capital said in a statement.
All shareholders of Reliance Capital have already received one free share of Reliance Home Finance for every share held in Reliance Capital as on record date September 6.
The transfer was earlier approved by an overwhelming majority of 99.59 per cent votes in favour of the scheme of arrangement at the Tribunal-convened general shareholders meeting held in July. SBI Life IPO: All You Need To Know About This Biggest IPO
Reliance Capital will hold a 51 per cent stake in Reliance Home Finance, and the company will be adequately capitalized to grow the lending book multi-fold in the future.
Reliance Home Finance, a 100 per cent subsidiary of Reliance Capital, provides a wide range of loan solutions like home loan, loan against property, construction finance, and affordable housing loans. It has assets under management of Rs 13,022 crore as of June 30, 2017.