Friday, 22 September 2017

New Listing: Reliance Home Finance locked at 5% upper circuit; opens at Rs 107.2

The company had been hived off from Reliance Capital and investors had received one share of Reliance Home Finance for every share of Reliance Capital held.

stock nifty trading tipsShares of Reliance Home Finance made its debut on the exchanges on Friday, trading at Rs 107.2 in the opening tick on the NSE. The stock was locked in the 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. STOCK NIFTY FREE TIPS

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.

Reliance Home Finance, 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. It has assets under management of Rs 13,022 crore as of June 30, 2017.

At 10:04 hrs Reliance Home Finance was quoting at Rs 109.20, on the BSE.
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