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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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Board of Trilogic Digital Media appoints directors
Mar 02,2017

The Board of Directors of Trilogic Digital Media has approved the appointment of directors at its meeting held on 02 March 2017 -

Aparna Shah as Additional Executive Director
Shivani Jaisingh as Additional Executive Director
Arun Kareer as Additional Director
Shivanshu Pandey as Additional Independent Director

All appointments are with effect from 02 March 2017

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Outcome of board meeting of Confidence Finance & Trading
Mar 02,2017

Confidence Finance & Trading announced that the Board of Directors of the Company at its meeting held on 02 March 2017 has approved -

The Board has approved to open a Branch office at Ahemdabad, Gujarat.

The Board has authorized Suhag Vijaybhai Shah to make VAT application and execute other related documents.

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Zee Learn allots 158,525 equity shares
Mar 02,2017

Zee Learn has allotted 158,525 equity shares under ESOP. Consequently, the paid up equity share capital has increased to Rs 32.19 crore comprising of 321,984,131 equity shares of Re 1 each.

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IndusInd Bank allots 10,825 equity shares
Mar 02,2017

IndusInd Bank has allotted 10,825 (Ten Thousand Eight Hundred Twenty Five) equity shares of Rs. 10/- (Rupees Ten Only) each on 02 March 2017 to those grantees who had exercised their option under the Companys Employee Stock Option Scheme. The said shares will rank pari-passu with the existing shares of the Company in all respect.

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Adani Power allots 4,09,88,991 equity shares
Mar 02,2017

Adani Power has allotted 4,09,88,991 equity shares of Rs. 10/- each upon (with a premium of Rs 22.54 per equity share) on conversion of the Convertible Warrants. Consequently, the paid up share capital of the Company has increased to Rs 3732.86 crore comprising of 3,73,28,63,685 equity shares of Rs 10 each.

Subsequent to this allotment, the shareholding of the Promoter and Promoter Group has increased to 67.069% of the enhanced paid up equity share capital of the Company.

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Sambhaav Media allots 88 lakh equity shares
Mar 02,2017

Sambhaav Media has allotted 88 lakh equity shares of Re 1 each at an issue price of Rs 5 per share on conversion of warrants. Consequently, the paid up equity share capital has increased to Rs 15.49 crore comprising of 154910840 equity shares of Re 1 each.

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Corporation Bank revises MCLR rates
Mar 02,2017

Corporation Bank has revised the Marginal Cost of Funds Based Lending Rate with effect from 01 March 2017 as under -

Overnight MCLR - 8.25%
One month MCLR - 8.25%
Three month MCLR - 8.30%
Six month MCLR - 8.65%
One year MCLR - 8.75%

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Konark Synthetic announces resignation of director
Mar 02,2017

Konark Synthetic announced that Kavita Bhat, Independent Women Director of the Company has resigned from the directorship of the Company with effect from 2 March 2017 due to her personal reasons and other engagements.

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Hathway Cable & Datacom announces resignation of directors
Mar 02,2017

Hathway Cable & Datacom announced the resignation of Biswajit Subramanian as Director from the Board of Directors of the Company with effect from 02 March 2017.

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National Aluminium Company announces performance figures
Mar 02,2017

National Aluminium Company has registered a 16.8% growth in Bauxite production upto February 2017 with a volume of 65.64 lakh tonnes, the highest since its inception.

Hydrate production at its refinery has increased 6.8%. Hydrate production till February 2017 was 18.9 lakh tonnes as against 17.7 lakh tonnes for the corresponding period of previous year.

At its aluminium smelter, cast metal production grew by 3.79% and the aluminium metal sales rose by 2.68%. With aluminium market firming up, the Company plans to increase its cast metal production by 12% in the next fiscal.

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Wipro Positioned in Winners Circle of Product Life Cycle Management service providers
Mar 02,2017

Wipro has been positioned in the Winners Circle of Product Life Cycle Management service providers by HfS Research in the market study HfS Blueprint Report on PLM Services 2016.

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Talwalkars Better Value Fitness provides update on scheme of arrangement
Mar 02,2017

Talwalkars Better Value Fitness announced that the Company has filed an application of the Scheme of Arrangement with National Company Law Tribunal (NCLT) under the provisions of Sections 230 - 232 and other applicable provisions of the Companies Act, 2013 read with the relevant rules made thereunder.

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IMP Power appoints COO
Mar 02,2017

IMP Power announced the appointment of Arun Goel as Chief Operating Officer of the Company with effect from 01 March 2017.

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Wipro positioned as Leader for SAP Application Services, EMEA
Mar 02,2017

Wipro announced that it has been positioned as a Leader in Gartners Magic Quadrant for SAP Application Services, EMEA.

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Orient Cement gets ratings review for bank facilities and commercial paper
Mar 02,2017

Orient Cement announced that Credit Analysis & Research Limited has reviewed the ratings for bank facilities and commercial paper issue as under -

Long term bank facilities (Rs 1353 crore) - CARE AA-
Commercial paper issue (Rs 150 crore) - CARE A1+
Commercial paper issue (Rs 100 crore) - CARE A1+

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