Reliance Capital today hived off its commercial finance devisio into a separate subsidiary.
“The shareholders of Reliance Capital have approved the transfer of its commercial finance division – Reliance Commercial Finance (RCF) – into a separate wholly owned subsidiary,” said the company in a statement. The transfer was approved by an overwhelming majority of 99.99 per cent votes in favour of the scheme of arrangement at the court-convened general shareholders meeting held on September 10, 2016, company said. RCF is amongst the leading SME lenders in the Indian non-banking finance space with a focus on asset backed lending and productive asset creation. The Company has asset under management including securitized portfolio) portfolio of Rs 16,451 crore as of June 30, 2016.