Aug 11: The scheme of demerger and vesting of the demerged undertaking from Reliance Capital to Reliance Home Finance Ltd has received the green signal from the National Company Law Board.
The Tribunal had earlier convened a general shareholders’ meeting on July 24, where in the transfer was approved by an overwhelming majority of 99.59 per cent votes in favour of the Scheme of Arrangement.
With the scheme set to go through, Reliance Capital will own 51 per cent stake in Reliance Home Finance, and the company will be adequately capitalised to grow the lending book multi-fold in the next 18 months, said a report.
Reliance Home Finance has Rs 13,022 crore of assets under management, including securitized portfolio as of June 30, 2017. The transfer will be effective from April 1, 2017, and will now be filed for requisite regulatory approvals, the report added.