The shareholders of Reliance Capital have approved the demerger and vesting of the Demerged Undertaking from Reliance Capital to Reliance Home Finance.

The transfer was 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 on July 24, 2017.

Reliance Capital will hold 51 per cent stake in Reliance Home Finance, and will be adequately capitalised to grow the lending book multi-fold in the next 18 months.

Reliance Home Finance has Assets Under Management (including securitized portfolio) of Rs 130.22 billion (USD 2.0 billion) as of June 30, 2017.

''We would like to thank our shareholders for approving this Demerger Scheme with near absolute majority. The Demerger will facilitate the independent listing of Reliance Home Finance on the stock exchanges in the next few months. The proposal will unlock substantial value for our shareholders, who will be allotted one share free of cost in Reliance Home Finance for every share held in Reliance Capital,'' said Anmol Ambani, ED, Reliance Capital. 

Shares of the company gained Rs 0.1, or 0.02%, to trade at Rs 650.55. The total volume of shares traded was 216,171 at the BSE (3.29 p.m., Monday).