Reliance Home Finance debuts on markets; lists at 5% upper circuit
On September 6, the company was hived off from Reliance Capital and the shareholders of Reliance Capital Ltd have already received one free share of Reliance Home Finance Ltd.
Reliance Home Finance debuted on bourses on Friday at 5% upper circuit. At 1100 hours the shares of the company were trading at Rs 109.2 per piece, up 5% or Rs 5.20 on BSE.
At the same time, Reliance Capital was trading at Rs 686.55 per piece, down 4.35% or Rs 31.20 on BSE.
On September 6, the company was hived off from Reliance Capital and the shareholders of Reliance Capital Ltd have already received one free share of Reliance Home Finance Ltd. for every share held in Reliance Capital Ltd.
According to official statement, the company said, " The transfer was earlier approved by an overwhelming majority of 99.59% votes in favour of the Scheme of Arrangement at the Tribunal-convened general shareholders meeting held on July 24, 2017, and that other requisite approvals had been duly received."
Anil Ambani-led Reliance Capital will hold a 51% stake in Reliance Home Finance.
Reliance Home Finance has Assets under management (including securitized portfolio) of Rs.13,022 crore (US$ 2.0 billion) as of June 30, 2017, the company said in a release.
Commenting on the listing, Anmol Ambani, Executive Director, Reliance Capital said, “The listing results in Reliance Capital Shareholders directly owning stake in RHFL, with over 9 lakh shareholders, the largest shareholder base in a housing finance company."
Moreover, Vikram Limaye, MD & CEO, NSE emphasized that the listing of strong and stable companies like Reliance Home Finance listing on the securities exchange will have a positive impact on the market and the development of the economy.