Reliance Capital, a part of Anil Ambani led Reliance Group, has completed transfer of its commercial finance division - Reliance Commercial Finance (RCFL) - into a separate wholly owned subsidiary. RCFL is a non-banking finance space with a focus on asset backed lending. The commercial finance business has an aggregate asset under management including securitized portfolio of Rs 16,191 crore as of December 31, 2016.
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. The transfer will enhance employee engagement and retention through ability to grant ESOPs in the business. The transfer, pursuant to the Scheme of Arrangement, will be effective from April 1, 2016.