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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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Federal Bank allots 4,92,818 equity shares
Feb 22,2017

Federal Bank announced that as authorized by the Nomination, Remuneration, Ethics and Compensation Committee, allotment of 4,92,818 (Four lakh ninety two thousand eight hundred and eighteen) Equity Shares with face value of Rs. 2/- each of the Bank to the Option Grantees has been made upon exercise of stock options under ESOS 2010 Scheme for which allottees have paid money.

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Commerce Minister emphasizes the need to focus on Research, Standards and Aggregation to enhance Farmers income
Feb 22,2017

Commerce and Industry Minister Smt. Nirmala Sitharaman has emphasized the need to focus on Research, Standards and Aggregation to enhance farmers income. Interacting with the members of the ICFA(Indian Council of Food and Agriculture) on the issue of Doubling of Farmers Income through Agro and Food Trade she said Inter -Ministerial discussions are necessary for coordination. The Minister said the government is willing to hear suggestions and respond to all issues pertaining to exports and domestic trade.

Smt. Sitharaman said agricultural research is of paramount importance ,citing example of Tobacco she said till date there has been no research done to find alternative crop for tobacco farmers. Further she highlighted the issue of Onion production where again research is needed to prevent the shortage and glut of production .

The Minister said the issues pertaining to international standards will be taken up appropriately. She said preserving the interests of the farmers has to be the core of all discussions in which both the central and state governments have to come together.

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Coffee Day Enterprises provides update on step down subsidiary - AlphaGrep Holding HK
Feb 22,2017

Coffee Day Enterprises announced that step-down subsidiary of the Company AlphaGrep Holding HK has divested 4050 [40.50%] shares in its subsidiary namely Lighthouse Financial Technologies (formerly known as AlphaGrep Technologies (AG TECH) and its subsidiaries Lighthouse Financial HK [Formerly known as Alpha Grep HK (AG HK)] and Lighthouse Financial Trading [Formerly known as AlphaGrep Trading (AG TL)] w.e.f. 21 February 2017.

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Board of K D Trend Wear approves delisting of shares from Institutional trading platform of BSE
Feb 22,2017

K D Trend Wear announced that the Board of Directors of the Company at its meeting held on 22 February 2017 has approved delisting of equity shares of the Company from Institutional Trading Platform of BSE.

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CHD Developers to hold EGM
Feb 22,2017

CHD Developers announced that an Extra Ordinary General Meeting (EGM) of the Company will be held on 25 March 2017 .

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CHD Developers to hold EGM
Feb 22,2017

CHD Developers announced that an Extra Ordinary General Meeting (EGM) of the Company will be held on 25 March 2017 .

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Dewan Housing Finance Corporation allots 12665 equity shares
Feb 22,2017

Dewan Housing Finance Corporation announced that the Committee of the Board of Directors of the company at its meeting held on 22 February 2017 has allotted 12665 equity shares of Rs 10 each under ESAR.

Consequent to the allotment of the shares, the paid up equity share capital of the Company has increased to Rs 313.13 crore dividend into 31,31,38,409 equity shares of Rs 10 each.

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Nilkanth Engineering to hold board meeting
Feb 22,2017

Nilkanth Engineering will hold a meeting of the Board of Directors of the Company on 28 February 2017, to consider the authority to Board of Directors to borrow up to Rs. 75 Cr. (Rupees Seventy Five Crore only) together the money already borrowed by the Company subject to approval of shareholders of the Company by Special Resolution

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Sri Ramakrishna Mills (Coimbatore) to hold EGM
Feb 22,2017

Sri Ramakrishna Mills (Coimbatore) announced that an Extra Ordinary General Meeting (EGM) of the Company will be held on 20 March 2017.

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Dhabriya Polywood to hold EGM
Feb 22,2017

Dhabriya Polywood announced that an Extra Ordinary General Meeting (EGM) of the Company will be held on 18 March 2017.

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Lakshmi Precision Screws to hold board meeting
Feb 22,2017

Lakshmi Precision Screws will hold a meeting of the Board of Directors of the Company on 25 February 2017, to consider and approve for filling of casual vacancy caused due to resignation of existing Statutory Auditors of the Company.

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Outcome of board meeting of Purshottam Investofin
Feb 22,2017

The Board of Directors of Purshottam Investofin at its meeting held on 22 February 2017 has approved the following -

Approved the new name of the Company as Suvifin Credit Solutions.

Approved the appointment of Paresh Rajde as Non-Executive Director on the Board.

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Kajal Synthetics & Silk Mills to hold board meeting
Feb 22,2017

Kajal Synthetics & Silk Mills will hold a meeting of the Board of Directors of the Company on 28 February 2017, to consider the authority to Board of Directors to borrow up to Rs. 100 Cr. (Rupees One Hundred Crore only) together the money already borrowed by the Company subject to approval of shareholders of the Company by Special Resolution, & to convene the Extra-ordinary General Meeting for passing the Special Resolution in respect of above

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Venus Remedies to hold EGM
Feb 22,2017

Venus Remedies announced that an Extra Ordinary General Meeting (EGM) of the Company will be held on 21 March 2017.

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Board of Brawn Biotech approves incorporation of wholly owned subsidiary
Feb 22,2017

Brawn Biotech announced that the Board of Directors of the Company at its meeting held on 22 February 2017 has accorded approval for incorporation of a 100% subsidiary under the name and style of SBJ.

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