Reliance Home Finance lists on NSE, BSE; locked in upper circuit of 5 percent
On the BSE, the Reliance Home Finance stock closed at Rs 109.20 level, up 5.20 points. The Reliance Home Finance stock opened at 104 level on the exchange. On the NSE, the stock was trading 5 percent higher at 107.20 level.
BT Online Last Updated: September 22, 2017 | 16:19 IST
Reliance Home Finance, the housing finance unit of Reliance Capital, hit an upper circuit of 5 percent on its listing on the BSE and NSE.
On the BSE, the Reliance Home Finance stock closed at Rs 109.20 level, up 5.20 points. The Reliance Home Finance stock opened at 104 level on the exchange.
On the NSE, the stock closed 5 percent higher at 107.20 level.
Reliance Capital owns 51 percent stake in Reliance Home Finance.
The listing move is expected to unlock value for the existing shareholders of the firm, Reliance Capital said in a statement.
All shareholders of Reliance Capital have already received one free share of Reliance Home Finance for every share held in Reliance Capital as on record date - September 6.
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.
The firm had assets under management (AUMs) of Rs 13,022 crore as of June 30, 2017.