Leading stock exchnage BSE today said Reliance Capital will be shifted out of the BSE S&P indices from September 5 as the financial services provider is demerging its real estate lending business.
The company would be excluded from 11 S&P BSE indices, including S&P BSE AllCap, S&P BSE 200, S&P BSE 100, S&P BSE Sensex Next 50, S&P BSE Midcap and S&P BSE LargeMidcap indices.
"Reliance Capital is demerging its real estate lending business, which will be later merged with Reliance Home Finance Limited, an unlisted subsidiary of Reliance Capital," a BSE notice issued today said.
On account of this scheme of arrangement, effective at the open of September 5, changes will be made to the S&P BSE Indices, it said.
As per the notice, Avantha Group firm Crompton Greaves Consumer Electricals would replace Reliance Capital on S&P BSE 100 as well as S&P BSE Sensex Next 50, while IndiaBulls Real Estate would replace the financial services provider on the S&P BSE 200.
Further, Time Technoplast would take Reliance Capital's place on S&P BSE 500 index.
Reliance Home Finance, a 100 per cent subsidiary of Reliance Capital, provides a wide range of solutions like home loans, construction finance and affordable housing loans.
Reliance Capital yesterday said its shareholders will get a free share of Reliance Home Finance (RHF) for each RCap stock held as on September 6.
The Anil Ambani-led company had received approval in June from National Company Law Tribunal (NCLT) for shareholders meeting on demerger of RHF, facilitating independent listing of the home finance unit on exchanges.
RHF had assets under management (AUM) of Rs 13,022 crore (USD 2 billion) as of June 30, 2017 and is expected to be listed on the exchanges in September.
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