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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 Niyogin Fintech allots 37,881,600 equity shares on preferential basis
Jul 05,2017

The Board of Directors of Niyogin Fintech at their meeting held on 5 July 2017 approved the allocation of 37,881,600 equity shares having a face value of Rs. 10 each at a premium of Rs. 40 each to the proposed allotees on a preferential basis.

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Board of Sanwaria Agro Oils allots bonus shares
Jul 05,2017

The Board of Directors of Sanwaria Agro Oils at its meeting held on 05 July 2017 has allotted 36,80,50,000 Bonus Equity Shares of face value of Rs. 1.00 (Rupees One Only), each in the ratio of 1:1 i.e. one new Bonus Share for every one Equity shares held by the shareholders of the Company.

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Outcome of board meeting of Supreme Tex Mart
Jul 05,2017

The Board of Directors of Supreme Tex Mart at its meeting held on 05 July 2017 transacted the following -

1. Appointment of Preeti Pandey, as Women Additional Director in the category of Independent Director.

2. To take note of Resignation of Inder Pal Singh from the position of Chief Financial Officer of the company w.e.f 05 July 2017

3. Appointment of Gaurav Gupta as Company Secretary and Compliance Officer of the company.

4. To take note of change in Designation of Kuldip Singh, Whole Time Director category Executive Director to Director under the category of Non Executive Director of the company.

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Board of Photon Capital Advisors decides to deregister as NBFC
Jul 05,2017

The Board of Directors of Photon Capital Advisors at its meeting held on 05 July 2017 resolved to surrender voluntarily Certificate of Registration (CoR) as Non-Banking Financial Company (NBFC) without accepting public deposits to Reserve Bank of India (RBI) as the Company has discontinued its NBFCs activities.

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Board of Orient Tradelink approves change in directorate
Jul 05,2017

Orient Tradelink announced that the Board of Directors of the Company at its meeting held on 05 July 2017 has approved the following -

Appointment of Mahesh Kumar Verma as Director, Non-executive of the Company.

Resignation of Gulshan Kumar Mehndiratta as Director of the Company.

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Rural Electrification Corporation launches issue of USD 450 mn Notes
Jul 05,2017

Rural Electrification Corporation has launched an issue of U.S.$450,000,000 3.875% Notes due 2027, priced on 29 June 2017. The Notes will mature on 2027 and all principal and interest payments will be made in U.S. Dollars. The Notes are expected to be settled by 07 July 2017.

The Notes will be listed on the Singapore Exchange (SGX) and the green segment of the London Stock Exchanges International Securities Market (ISM).

The net proceeds from the sale of the Notes will be applied for financing of existing projects including re-financing and new eligible Green Projects primarily covering in the area of solar, wind, biomass and hydropower energy as per Climate Bond Standards.

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Towa Sokki announces resignation of company secretary and compliance officer
Jul 05,2017

Towa Sokki announced that Vandana Yadav has resigned as Compliance Officer and Company Secretary of the Company with effect from 05 July 2017.

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JV of Brahmaputra Infrastructure receives contract worth Rs 65.77 cr
Jul 05,2017

Brahmaputra Infrastructure announced that its JV (Brahmaputra - VKGA) has received a letter of reward for execution of the Construction of flyover including ROB at Maharana Pratap Chowk, Bilaspur including improvement of slip/ service roads and Junction, Electrification on Design and Built Basis for the Contract price of Rs. 65.77 crores (Approx) from the Office of Directorate of Urban Adminstration & Development, Indravati Bhawan, 4th Floor, D- Block, Naya Raipur( C.G.)

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Dabur India to hold board meeting
Jul 05,2017

Dabur India will hold a meeting of the Board of Directors of the Company on 4 August 2017 to inter alia consider and approve the unaudited financial results for the quarter ended 30/06/2017.

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EIH Associated Hotels to hold board meeting
Jul 05,2017

EIH Associated Hotels will hold a meeting of the Board of Directors of the Company on 4 August 2017 to inter alia take on record the Unaudited Financial Results for the quarter ended 30/06/2017

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Larsen & Toubro fixes record date for bonus issue
Jul 05,2017

Larsen & Toubro has fixed 14 July 2017 as Record Date for issue of bonus shares in the ratio of 1:2.

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IL&FS Engineering & Construction Co receives LoIs from JBVNL
Jul 05,2017

IL&FS Engineering & Construction Co has received LOIs from from Jharkand Bijli Vitran Nigam (JBVNL) under the Integrated Power Development Scheme (IPDS) for a total contract value of Rs 236.76 crore.

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Tyche Industries to hold board meeting
Jul 05,2017

Tyche Industries will hold a meeting of the Board of Directors of the Company on 7 July 2017 Others

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Panasonic Carbon India Company to hold AGM
Jul 05,2017

Panasonic Carbon India Company announced that the 35th Annual General Meeting(AGM) of the company on 8 August 2017.

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Chowgule Steamships to hold board meeting
Jul 05,2017

Chowgule Steamships will hold a meeting of the Board of Directors of the Company on 21 July 2017 to consider and approve the Un-audited Financial Results of the Company for the quarter ended 30 June, 2017.

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