Anil Ambani-led Reliance Group flagship firm , Reliance Capital Ltd said it has secured a ‘No-Objection’ from both BSE and NSE for the demerger of Reliance Home Finance. The move will facilitate the independent listing of the home finance unit on stock exchanges.
Reliance Home Finance has already announced strong financial results for the year ended March 31, 2017. Total income for the year ended March 31, 2017, was Rs 1,145 crore – a YoY increase 40%. For the same period, Profit After Tax nearly doubled from Rs 87 crore to Rs 173 crore and the Return on Equity (RoE) improved from 16.5% to Rs 17.7%.
Reliance Home Finance will get listed in the first half of the current financial year (2017-2018), as informed by Executive Director Anmol Ambani in his first earning call with the investors.
As a part of the listing proposal of Reliance Home Finance, 49 percent stake in the company will be allotted to all shareholders of Reliance Capital in the ratio of one share free of cost in Reliance Home for every one share held in Reliance Capital.
The proposal is expected to unlock substantial value for all existing shareholders and will benefit nearly one million shareholders of Reliance Capital.
Reliance Home Finance, a 100 per cent subsidiary of Reliance, provides a wide range of loan solutions like home loan, loan against property, construction finance and affordable housing loans.
Source: http://www.dsij.in
Reliance Home Finance to get listed on the Exchanges
