Mumbai, May 3 (IANS) The country's two bourses National Stock Exchange (NSE) and Bombay Stock Exchange (BSE) have given their consent for the independent listing of Reliance Home Finance, Reliance Capital Ltd, part of Anil Ambani-led Reliance Group, said on Wednesday.
In a statement here, Reliance Capital said it has received the requisite "No-Objection" from both National Stock Exchange (NSE) and Bombay Stock Exchange (BSE) to the scheme filed, facilitating the independent listing of Reliance Home Finance on the bourses.
"The company is proceeding with filing the scheme of demerger with the National Company Law Tribunal for approval, and Reliance Home Finance is on track to be independently listed on stock exchanges during the next few months," the statement said.
As part of the listing proposal, nearly one million shareholders of Reliance Capital will be allotted one share free of cost in Reliance Home Finance for every one share held in Reliance Capital.
Reliance Home Finance has already announced strong financial results for the year ended March 31, 2017.
For the year ended March 31, Reliance Home Finance posted a total income of Rs 1,145 crore and a net profit of Rs 173 crore.
The company closed last year with assets under management of Rs 11,174 crore.
Total disbursements were at Rs 7,333 crore -- including Rs 1,102 crore disbursed towards affordable housing with an average ticket size of Rs 11 lakh -- and gross non-performing assets (on 90 days past due-dpd basis) improved to 0.8 per cent from 1.1 per cent (as on December 2016).
About VDC
Doraiah Chowdary Vundavally is a Software engineer at VTech . He is the news editor of SocialNews.XYZ and Freelance writer-contributes Telugu and English Columns on Films, Politics, and Gossips. He is the primary contributor for South Cinema Section of SocialNews.XYZ. His mission is to help to develop SocialNews.XYZ into a News website that has no bias or judgement towards any.