National Company Law Tribunal has approved the demerger and vesting of the Demerged Undertaking from Reliance Capital to Reliance Home Finance

The transfer has already been 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 on
July 24, 2017.

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 multi-fold in the next 18 months.

Reliance Home Finance has Assets under management (including securitized portfolio) of Rs. 130.22 billion (USD 2.0 billion) as of June 30, 2017.

The transfer will be effective from April 1, 2017, and will now be filed for requisite regulatory approvals.

Shares of the company declined Rs 3.45, or 0.45%, to trade at Rs 761.00. The total volume of shares traded was 451,919 at the BSE (11.01 a.m., Friday).