Reliance Home Finance will be listed in the first half of the current financial year. Reliance Capital, which is present across insurances, mutual fund and a host of other financial services sectors, said its core business had achieved double digit growth in profitability in terms of operating performance during the last fiscal.
As a part of the listing proposal of Reliance Home Finance, 49% stake in the company will be alloted 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.
Reliance Capital will hold a 51 percent stake in Reliance Home, and the company will be adequately capitalised to grow the lending book multi-fold in the next 18 months.
The proposal is expected to unlock substantial value for all existing shareholders and will benefit nearly one million shareholders of Reliance Capital that will be getting one free share of Reliance Home.
Reliance Home Finance provides a wide range of loan solutions like home loan, loan against property, construction finance and affordable housing loans.