Reliance Capital sells 45% stake in Reliance Home Finance

28 Aug 2023 CW Team

Reliance Capital, currently undergoing corporate insolvency proceedings, has divested a 45% stake in its listed subsidiary, Reliance Home Finance, for Rs 54 million in the open market. This strategic move is expected to enhance recovery prospects for creditors. Consequently, Reliance Capital's ownership in Reliance Home Finance now stands at less than 2.5%.

Lenders have greenlit a resolution plan worth Rs 96.60 billion proposed by IndusInd International Holdings, a Hinduja Group entity, for Reliance Capital.

It's noteworthy that the resolution process for Reliance Capital's subsidiaries, Reliance Home Finance and Reliance Commercial Finance, commenced prior to the Reserve Bank of India's declaration of corporate insolvency for the parent company. This procedure was executed independently of the National Company Law Tribunal's jurisdiction.

Authum Investment & Infrastructure acquired the assets of both financial firms through an out-of-court resolution process. Under this arrangement, Authum purchased Reliance Home Finance's Rs 115.40-billion debt for Rs 33.51 billion and acquired the Rs 90-billion loan book of Reliance Commercial Finance for Rs 16.29 billion.

As part of the resolution plan, the operations of Reliance Home Finance were merged into Reliance Commercial Finance. Consequently, on July 17, Authum resolved to discontinue its housing finance activities and relinquish its housing finance company registration to the National Housing Bank.

In addition, the board has approved a proposal for the voluntary liquidation of Reliance Capital. Following the sale of the 45.4% stake, Reliance Capital retains a 2.47% ownership stake in Reliance Home Finance.

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