Reliance Home Finance Locked At 5% Upper Circuit - Dollar Advisory Financial Services

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Friday 22 September 2017

Reliance Home Finance Locked At 5% Upper Circuit

The stock traded with volumes of 6.24 lakh shares on the National Stock Exchange.

The company was hived off from the umbrella of Reliance Capital with September 6 as record date. As part of the process, investors must have received one share of Reliance Home Finance for every share of Reliance Capital held.

The move is expected to unlock value for the existing shareholders of the firm, Reliance Capital said in a statement.

After the demerger, Reliance Capital will continue to hold a 51 percent stake in Reliance Home Finance.

The transfer was earlier 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 in July.

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