Mumbai: Reliance Home Finance, the demerged entity of Reliance Capital Ltd, listed on the Bombay Stock Exchange (BSE) and National Stock Exchange (NSE) on Friday. The stock made its stock market debut at Rs104 on the BSE and at Rs102.7 on the NSE.
At 10.34am, Reliance Home Finance was trading at Rs109.20 on the BSE, up 5% from its listing price. Reliance Capital was trading at Rs690.90, down 3.74% on the BSE, while the benchmark Sensex was trading 0.76% lower at 32,124 points.
The Anil Ambani-promoted parent company will still hold 51% in the newly created home finance firm. Reliance Capital shareholders would get a share of Reliance Home Finance for each share of Reliance Capital held.
Reliance Home Finance has assets under management, including securitised portfolio, of Rs13,022 crore as of 30 June. The firm offers home loan solutions like loan against property, construction finance and affordable housing loans.
Commenting on the opportunities in the housing finance segment, Anmol Ambani, executive director at Reliance Capital, said that affordable housing will be a major focus area for RHFL.
“Our focus remains affordable housing and you will see proportion of that increasing in our overall book,” he said, referring to the financing opportunities that have opened up for housing finance companies due to Pradhan Mantri Awas Yojana.
Ambani also said that the decision for demerging RHFL from Reliance Capital was a “conscious” one.
Ravindra Sudhalkar, executive director and chief executive, RHFL said that the firm expects the AUM to touch Rs50,000 by 2020.
“We will look to build string retail assets in the home loan segment,” Sudhalkar said.
Reliance Group companies have sued HT Media Ltd, Mint’s publisher, and nine others in the Bombay high court over a 2 October 2014 front-page story that they have disputed. HT Media is contesting the case.