Shares of Reliance Capital surged as much as 10 per cent to hit fresh 52-week high of Rs 586.45 after the company on Tuesday announced its plans to list its housing finance business on the stock markets.
The Anil Ambani-promoted financial services firm aims to attain a loan book of over Rs 50,000 crore, from housing finance business in the next few years.
Reliance Capital would retain 51 per cent stake in the separately listed venture while 49 per cent equity in Reliance Home Finance will be allotted "free of cost" to nearly 1 million of its existing shareholders.
All shareholders of Reliance Capital will receive one free share of Reliance Home Finance for every one share held in Reliance Capital, the company said in a statement.
The proposal to independently list its home finance business - Reliance Home Finance - on the stock exchanges was approved by Reliance Capital's board at its meeting held on Tuesday.
Reliance Home Finance, currently a 100 per cent subsidiary of Reliance Capital, provides a wide range of loan solutions like home loan, loan against property, construction finance and affordable housing loans.
Reliance Home Finance reported assets under management of Rs 8,259 crore during the quarter ended June 30, 2016. It had an outstanding loan book of Rs 7,750 crore and NPA ratio of 1 per cent as of June 30, 2016.
Parent firm Reliance Capital is present across various financial services businesses including life and general insurance, asset management, mutual fund, consumer finance, broking, wealth management, distribution of financial products and asset reconstruction.
Shares of Reliance Capital ended 8.68 per cent higher at Rs 579.70.
(With inputs from Press Trust of India)
Shares of Reliance Capital surged as much as 10 per cent to hit fresh 52-week high of Rs 586.45 after the company on Tuesday announced its plans to list its housing finance business on the stock markets.
The Anil Ambani-promoted financial services firm aims to attain a loan book of over Rs 50,000 crore, from housing finance business in the next few years.
Reliance Capital would retain 51 per cent stake in the separately listed venture while 49 per cent equity in Reliance Home Finance will be allotted "free of cost" to nearly 1 million of its existing shareholders.
All shareholders of Reliance Capital will receive one free share of Reliance Home Finance for every one share held in Reliance Capital, the company said in a statement.
The proposal to independently list its home finance business - Reliance Home Finance - on the stock exchanges was approved by Reliance Capital's board at its meeting held on Tuesday.
Reliance Home Finance, currently a 100 per cent subsidiary of Reliance Capital, provides a wide range of loan solutions like home loan, loan against property, construction finance and affordable housing loans.
Reliance Home Finance reported assets under management of Rs 8,259 crore during the quarter ended June 30, 2016. It had an outstanding loan book of Rs 7,750 crore and NPA ratio of 1 per cent as of June 30, 2016.
Parent firm Reliance Capital is present across various financial services businesses including life and general insurance, asset management, mutual fund, consumer finance, broking, wealth management, distribution of financial products and asset reconstruction.
Shares of Reliance Capital ended 8.68 per cent higher at Rs 579.70.
(With inputs from Press Trust of India)
Shares of Reliance Capital surged as much as 10 per cent to hit fresh 52-week high of Rs 586.45 after the company on Tuesday announced its plans to list its housing finance business on the stock markets.
The Anil Ambani-promoted financial services firm aims to attain a loan book of over Rs 50,000 crore, from housing finance business in the next few years.
Reliance Capital would retain 51 per cent stake in the separately listed venture while 49 per cent equity in Reliance Home Finance will be allotted "free of cost" to nearly 1 million of its existing shareholders.
All shareholders of Reliance Capital will receive one free share of Reliance Home Finance for every one share held in Reliance Capital, the company said in a statement.
The proposal to independently list its home finance business - Reliance Home Finance - on the stock exchanges was approved by Reliance Capital's board at its meeting held on Tuesday.
Reliance Home Finance, currently a 100 per cent subsidiary of Reliance Capital, provides a wide range of loan solutions like home loan, loan against property, construction finance and affordable housing loans.
Reliance Home Finance reported assets under management of Rs 8,259 crore during the quarter ended June 30, 2016. It had an outstanding loan book of Rs 7,750 crore and NPA ratio of 1 per cent as of June 30, 2016.
Parent firm Reliance Capital is present across various financial services businesses including life and general insurance, asset management, mutual fund, consumer finance, broking, wealth management, distribution of financial products and asset reconstruction.
Shares of Reliance Capital ended 8.68 per cent higher at Rs 579.70.
(With inputs from Press Trust of India)
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