In a statement issued here, Reliance Capital said NCLT approved the demerger and the vesting of the demerged undertaking from the company to Reliance Home Finance Ltd.
The NCLT approval facilitates independent listing of Reliance Home Finance, the statement said.
"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," the statement added.
According to the statement, 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 securitised portfolio) of Rs 13,022 crore as of June 30.
The transfer will be effective from April 1 and will now be filed for requisite regulatory approvals.
(This story has not been edited by Social News XYZ staff and is auto-generated from a syndicated feed.)
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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.