Mumbai, June 21 (IANS) - Reliance Capital Ltd said the shareholders' meeting to be convened following a National Company Law Tribunal (NCLT) directive to consider demerger of real estate lending business into Reliance Home Finance Ltd will be held here on July 24.
According to Reliance Capital, the demerger would unlock value for shareholders as the home finance business has achieved scale. It would attract investors and provide better flexibility in accessing capital. The scheme would also create enhanced value for shareholders and allow a focused growth strategy which would be in the best interest of all the stakeholders.
Restructuring proposed by this scheme would also provide better flexibility to the investors to select investments which best suit their investment strategies and risk profile, the company said. The demerger would offer one fully paid-up equity share of Rs 10 each of Reliance Home Finance for every one fully paid-up equity share of Rs 10 each held in Reliance Capital.
Reliance Capital had earlier said it has received the requisite "No-Objection" from both National Stock Exchange (NSE) and Bombay Stock Exchange (BSE) to the scheme filed, facilitating the independent listing of Reliance Home Finance on the bourses.