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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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Mahindra & Mahindra gets reaffirmation of ratings for various facilities
May 22,2017

Mahindra & Mahindra announced that ICRA has reaffirmed its ratings for various facilities -

Non Convertible Debenture programme (Rs 500 crore) - ICRA AAA (Stable)

Long term fund based facilities (Rs 88 crore) - ICRA AAA (Stable)

Long term non fund based facilities (Rs 81 crore) - ICRA AAA (Stable)

Short term non fund based facilities (Rs 132 crore) - ICRA A1+

Long term/ short term fund based/ non fund based facilities (Rs 99 crore) - ICRA AAA(Stable)/ ICRA A1+

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Board of Bharat Financial Inclusion appoint director
May 22,2017

The Board of Directors of Bharat Financial Inclusion have appointed Ashish Lakhanpal as an Additional Director of the Company w.e.f. 24 May 2017.

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Tech Mahindra allots 440228 equity shares
May 22,2017

Tech Mahindra has allotted 440228 equity shares under ESOP on 22 May 2017.

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Solid Carbide Tools announces change in directorate
May 22,2017

Solid Carbide Tools has appointed Seema Kalani as Additional Director and accepted the resignation of Pooja Lodha from the Board of the Company.

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NOCIL allots 304,525 equity shares
May 22,2017

NOCIL has allotted 304,525 equity shares under ESOP on 22 May 2017.

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Axis Bank allots 1,37,500 equity shares
May 22,2017

Axis Bank has allotted 1,37,500 equity shares of Rs. 2/- each on 22 May 2017, pursuant to exercise of options under its ESOP Scheme. The paid up share capital of the Bank will accordingly increase from Rs. 479,32,16,428 (239,66,08,214 equity shares of Rs. 2/- each) to Rs. 479,34,91,428 (239,67,45,714 equity shares of Rs. 2/- each)

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Gennex Laboratories receives CGMP from Drugs Control Administration, Telangana
May 22,2017

Gennex Laboratories announced that it has been awarded by the Drugs Control Administration, Government of Telangana, Certificate for good manufacturing practices in the manufacturing and quality control operations as recommended by the World Health Organization, for a period of 2 years.

This certificate has been awarded after inspection of the Companys manufacturing facility by the Joint Inspection Team of officers from Central Drugs Standard Control Organization and Drugs Control Administration, Telangana with regard to the Companys adherence to manufacturing and quality control norms of World Health Organization. This Award, the Company believes, will provide a cutting-edge to penetrate European market in future.

The Company has also received Consent For Operations (CFO) from the Telangana State Pollution Control Board (TSPCB) for a further period of 5 years after a team of officers who inspected the Companys manufacturing and effluent treatment facilities recorded its satisfaction. The Company, however, continues to make efforts to ensure that the Pollution Control norms are strictly adhered to and necessary measures taken from time to time.

The Drugs Control Administration, Telangana had, on 06 May 2017, approved the Companys new product namely Flupentixol Hydrochloride and issued the Drug Licence for the same. The new product is an anti-depressant drug that goes in combination with Melitracin hydrochloride and is widely in demand notably in countries like Bangladesh

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Clariant Chemicals (India) provides update on holding company - Clariant
May 22,2017

Clariant Chemicals (India) announced that its ultimate Global Holding Company Clariant (SIX: CLN) and Huntsman Corporation (NYSE: HUN) announced that their respective Board of Directors approved a definitive agreement to combine in a merger through an all-stock transaction. The merged company will be named HuntsmanClariant. The transaction is subject to shareholder approvals, regulatory approvals and other customary closing conditions.

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Board of HRB Floriculture appoints director
May 22,2017

HRB Floriculture announced the appointment of Vinod Upadhyaya as Additonal Director with effect from 22 May 2017 at board meeting held on 22 May 2017.

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Wipro allots 198,374 equity shares
May 22,2017

Wipro has allotted 198,374 equity shares under ESOP on 19 May 2017.

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Texmaco Rail & Engineering allots 5250 equity shares
May 22,2017

Texmaco Rail & Engineering has allotted 5,250 Equity Shares of Re 1 /- each pursuant to exercise of options by its employees under the Texmaco Employee Stock Option Scheme 2014. Consequent to the allotment, the paid up capital of the Company has increased from 21,95,71,343 Equity Shares of Rs 1/- each to 21,95,76,593 Equity Shares of Re 1/- each.

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Virtual Global Education announces appointment of Global CEO
May 22,2017

Virtual Global Education has appointed Amit Srivastav as Global CEO.

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Vakrangee allots 169125 equity shares
May 22,2017

Vakrangee has allotted 169125 numbers of Equity Shares having Face Value of Re. 1/- each to the employees of the Company (the Allottees) pursuant to exercise of options under the companys Employee Stock Option (ESOP) Scheme. Post allotment of 169125 shares of face value of Re. 1/- each, the Companys issued and paid-up share capital stands increased to 529401545 Equity Shares of face value of Re. 1/- each aggregating to Rs. 52,94,01,545/-.

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Entertainment Network (India) discontinues its FM Radio Station at Panaji
May 22,2017

Entertainment Network (India) announced that the Company has discontinued the operation of FM Radio Station at Panaji - Goa with effect from 22 May 2017.

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Board of Chennai Meenakshi Multispeciality Hospital does not recommend dividend
May 22,2017

Chennai Meenakshi Multispeciality Hospital announced that the Board of Directors of the Company at its meeting held on 22 May 2017 have not recommended dividend.

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