In a move aimed towards voluntary liquidation, the Reserve Bank of India has approved Reliance Home Finance’s decision to exit the home finance business, according to the disclosures made by the erstwhile Anil Ambani company to the stock exchange.
Authum Investment and Infrastructure Ltd, which acquired the stock exchange-listed Reliance Home Finance a year ago, has proposed voluntary liquidation of the company.
The company informed the exchange that the RBI, in an order dated January 25, has “approved Company’s application for surrender of its Certificate of Registration on account of voluntary exit from housing finance business.”
The housing finance company has proposed a slump sale of all its assets to unlisted Reliance Commercial Finance Ltd, which was also acquired by Authum Investment.
Under the resolution plan, Authum acquired Rs 11,540 crore debt of Reliance Home Finance for Rs 3,351 crore.
According to a rating report by Brickworks dated November 3, 2023, ‘identified assets and liabilities are transferred by Reliance Home Finance to Reliance Commercial Finance for a total consideration of Rs 180 crore.’
