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Reliance Capital gains after board approves independent listing of home finance business

Reliance Capital gains after board approves independent listing of home finance business

Sep 14,2016

The announcement was made yesterday, 13 September 2016, when stock market remained closed on account of Bakri Id.

Meanwhile, the S&P BSE Sensex was down 46.19 points or 0.16% at 28,307.35.

On BSE, so far 6.75 lakh shares were traded in the counter as against average daily volume of 5.01 lakh shares in the past one quarter. The stock hit a high of Rs 561.50 and a low of Rs 546.65 so far during the day. The stock had hit a 52-week high of Rs 574 on 9 September 2016. The stock had hit a 52-week low of Rs 303.60 on 12 February 2016. The stock had outperformed the market over the past one month till 12 September 2016, rising 21.96% compared with 0.71% rise in the Sensex. The scrip had also outperformed the market in past one quarter, rising 32.06% as against Sensexs 6.45% rise.

The large-cap company has equity capital of Rs 252.63 crore. Face value per share is Rs 10.

Reliance Capital said the independent listing of Reliance Home Finance (RHF) is expected to unlock substantial value for existing shareholders of Reliance Capital. The listing of Reliance Home Finance will also lead to increased management focus and accelerated growth in the home finance business. As per the proposal, 49% stake in Reliance Home Finance Limited will be allotted to all shareholders of Reliance Capital, in the ratio of one share free of cost in Reliance Home Finance for every one share held in Reliance Capital.

Reliance Capital will hold a 51% stake in Reliance Home Finance, and the company will be adequately capitalised to grow the lending book to over Rs 20000 crore in the next 18 months. The proposal is subject to necessary shareholders and other approvals. Reliance Home Finance, a 100% subsidiary of Reliance Capital, provides a wide range of loan solutions like home loan, LAP, construction finance and affordable housing loans. The company reported an AUM of Rs 8259 crore ($1.2 billion) during the quarter ended 30 June 2016.

Mr. Anmol A. Ambani, Director, Reliance Capital said Prime Minister, Narendra Modi has set a goal of affordable housing for all by 2022. There is presently an estimated shortage of 10 crore residential units in India. To address the needs of this sector, Reliance Home Finance has charted an aggressive growth plan in this space, and aims to increase its book size to over Rs 50000 crore in the next few years.

On a consolidated basis, Reliance Capitals net profit rose 3% to Rs 207 crore on 48.3% growth in total income to Rs 3663 crore in Q1 June 2016 over Q1 June 2015.

Reliance Capital, a part of the Reliance Group, is one of Indias leading private sector financial services companies.

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Union Bank of India issues Tier I Bonds aggregating Rs 1250 crore
Mar 29,2017

Union Bank of India has closed issuance of 7,500 & 5,000 Non-Convertible, Unsecured Subordinated Basel III Compliant Perpetual Debt Instruments eligible for inclusion in Additional Tier 1 Capital for face value of Rs. 10,00,000 at par each aggregating to Rs. 750 crore and Rs. 500 crore on private placement basis bearing coupon of 9.10% p.a. payable annually with pay-in date 30 March 2017 and 31 March 2017 respectively.

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Union Bank of India issue Tier I Bonds aggregating Rs 250 crore
Mar 29,2017

Union Bank of India has issued 2,500 Non-Convertible, Unsecured Subordinated Basel III Compliant Perpetual Debt Instruments eligible for inclusion in Additional Tier 1 Capital on 29 March, 2016. The Bond is issued for face value of Rs. 10,00,000/- each at par aggregating to Rs. 250 crore on private placement basis bearing 9.10% p.a. coupon payable annually. The AT1 Bonds are rated BWR AA+/Stable by Brickwork Rating India (Brickwork) and IND AA by India Ratings and Research (India Ratings).

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UCO Bank to issue Tier II Bonds to LIC
Mar 29,2017

UCO Bank announced that its Board of Directors has approved the proposal for issue of Tier II Bonds of face value of Rs 10 lakh each aggregating to Rs 1000 crore to LIC.

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Berger Paints India commences commercial production of paint and putty at Nalbari plant
Mar 29,2017

The British Paints Division of Berger Paints India has commenced commercial production of its paint and putty plant at Nalbari, Assam on 29 March 2017. The plant has a capacity of 6,600 KL/MT per annum of solvent and water based paints and 7,200 MT per annum of putty and distemper.

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India becomes Net Exporter of Electricity for the first Time
Mar 29,2017

As per Central Electricity Authority, the Designated Authority of Government of India for Cross Border Trade of Electricity, 1st time India has turned around from a net importer of electricity to Net Exporter of electricity. During the current year 2016-17 (April to February 2017), India has exported around 5,798 Million Units to Nepal, Bangladesh and Myanmar which is 213 Million units more than the import of around 5,585 Million units from Bhutan. Export to Nepal and Bangladesh increased 2.5 and 2.8 times respectively in last three years.

Ever since the cross border trade of electricity started in mid-Eighties, India has been importing power from Bhutan and marginally exporting to Nepal in radial mode at 33 kV and 132 kV from Bihar and Uttar Pradesh. On an average Bhutan has been supplying around 5,000- 5500 Million units to India.

India had also been exporting around 190 MW power to Nepal over 12 cross border interconnections at 11kV, 33kV and 132 kV level. The export of power to Nepal further increased by around 145 MW with commissioning of Muzaffarpur (India)- Dhalkhebar(Nepal) 400kV line (being operated at 132 kV) in 2016.

Export of power to Bangladesh from India got further boost with commissioning of 1st cross border Interconnection between Baharampur in India and Bheramara in Bangladesh at 400kV in September 2013. It was further augmented by commissioning of 2nd cross border Interconnection between Surjyamaninagar (Tripura) in India and South Comilla in Bangladesh. At present around 600 MW power is being exported to Bangladesh.

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Sadbhav Engineering signs EPC agreement with Sadbhav Bangalore Highway
Mar 29,2017

Sadbhav Engineering has signed EPC agreement with Sadbhav Bangalore Highway (a step down subsidiary) worth Rs 855 crore for maintenance and repair works during the development period and construction period for 170.92 kms of BRT Tiger Reserve Boundary to Bangalore section of NH-29.

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Board of Punjab & Sind Bank approves proposal to raise AT-1 and AT-II capital
Mar 29,2017

Punjab & Sind Bank proposes to raise funds through issue of Basel III Compliant AT-1 up to Rs 1000 Crore and Basel III Compliant Tier II Bonds up to Rs 500 Crore during the Financial year 2017-18 in one or more tranches, on private placement basis, as approved in meeting of Board of Directors held on 29 March 2017.

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Board of Ventura Textiles approves allotment of shares on conversion of warrants
Mar 29,2017

Ventura Textiles announced that the Board of Directors of the Company at its meeting held on 29 March 2017 approved the allotment of not exceeding 20 lakh equity shares of face value of Rs 10 each on conversion of warrants.

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Marico allots 1 lakh equity shares
Mar 29,2017

Marico has allotted 1 lakh equity shares under Marico Employee Stock Option Scheme, 2004. Consequently, the paid up share capital has increased to 129,04,71,198 equity shares of Re 1 each aggregating Rs 129.04 crore.

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Board of Layla Textile and Traders approves sub-division of shares
Mar 29,2017

The Board of Directors of Layla Textile and Traders at its meeting held on 29 March 2017, has approved:

1. Sub- division of equity shares every shareholders holding 1 (One) equity share of Rs.10/- each will be allotted 10 (Ten) equity share of Re.1/- each (Subject to shareholders approval).

2. Appointment of Mukesh Bajpai and Simranpreet Bajpai as an Additional Independent Director of the Company w.e.f. 29 March 2017 to hold office upto the date of the next General Meeting of the Company.

3. To re-designated Ashish Rajeshbhai Patel as Executive Director of the Company subject to shareholders approval.

4. To form a Committee of Board of Director for approval of Notice to be issued to be issued to the Shareholders of the Company for the above mentioned purpose.

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Outcome of board meeting of Excel Industries
Mar 29,2017

Excel Industries announced that the Board of Directors of the company at its meeting held on 29 March 2017 has approved sale/transfer of the Environment & Biotech Division (ENBT) of the Company to its wholly owned subsidiary Company viz. Excel Bio Resources (EBRL) as a going concern on as is where is basis by way of slump sale and the Company will make necessary equity investment not exceeding Rs.10 crore in EBRL.

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Board of Shri Kalyan Holdings approves change in company secretary and compliance officer
Mar 29,2017

Shri Kalyan Holdings announced that the Board of Directors of the Company at its meeting held on 29 March 2017, inter alia transacted the following businesses:

1.Took on record resignation of Komal Gandhi from the post of Company Secretary and Compliance Officer of the Company w.e.f. 21 March 2017.

2.Appointed Nandani Patidar as Company Secretary and Compliance Officer of the Company w.e.f. 29 March 2017.

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Board of Fiberweb (India) approves allotment of shares on conversion of warrants
Mar 29,2017

Fiberweb (India) announced that the Board of Directors of the Company at its meeting held on 29 March 2017 approved allotment of 7 lakh equity shares on Conversion of Convertible Equity Warrants issued by the Company on preferential basis to group of Strategic Investors, not forming part of the Promoter Group of the Company in terms of SEBI (ICDR) Regulation, 2009.

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Board of Times Guaranty approves change in directorate
Mar 29,2017

The Board of Directors of Times Guaranty at its meeting held on 29 March 2017 has approved the change in designation of Anita Malusare from Manager to the Chief Executive Officer (CEO) and Executive Director of the Company.

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Board of NBCC (India) considers takeover of Hindustan Steelworks Construction
Mar 29,2017

The Board of Directors of NBCC (India) in their meeting held on 29 March 2017 discussed the future course of action with respect to the takeover of Hindustan Steel Works Construction as subsidiary company.

The takeover of Hindustan Steel Works Construction is subject to approval of Competition Commission of India for which notice has been filed and the approval is awaited.

Union Cabinet in the meeting held on 25 May 2016 approved the proposal for restructuring of HSCL and subsequently its takeover by NBCC. NBCC will pay Rs 35.70 crore to subscribe to fresh equity share if HSCL constituting 51% of its post issue share capital.

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