Reliance Capital transfers its commercial finance division to a wholly owned subsidiary
Anil Ambani led Reliance Group informed completion of transfer of its commercial finance division – Reliance Commercial Finance Limited (RCFL) – into a separate wholly owned subsidiary.
Reliance Capital shareholders had approved the transfer by an overwhelming majority of 99.99 % votes in favour of the Scheme of Arrangement at the court-convened equity shareholders meeting held on September 10, 2016.
According to Mr Anmol Ambani, ED, Reliance Capital informed Reliance Commercial Finance stands as a fully owned subsidiary of Reliance Capital moves to become a Core Investment Company from next fiscal.
Reliance Capital, a part of the Reliance Group, is one of India’s leading private sector financial services companies.