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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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IL&FS Engineering Services receives LoIs for Rural Electrification Works worth Rs 222.7 cr
Mar 20,2017

IL&FS Engineering & Construction Co (IL&FS Engineering Services) has received Letter of Intents (LOIs) for Rural Electrification (RE) Works of Jharkhand Bijli Vitran Nigam (JBVNL), Ranchi worth Rs. 222.7 crore in package of Sahibganj comprising Sahibganj and Pakur districts in Jharkhand state under Deen Dayal Upadhyay Gram Jyoti Yojana (DDUGJY).

The scope of work includes supply and erection of all equipment and materials related to the contract for RE infrastructure development for connecting unconnected house-holds, agricultural feeder segregation, system strengthening & metering works.

These Projects are covered under DDUGJY of Rural Electrification Corporation and are funded by it under the Govt. of India Central Plan. The completion schedule of the works is 24 months.

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Union Bank of India gets ratings assigned for proposed AT-1 Bond issue
Mar 20,2017

Union Bank of India announced that India Ratings and Research has assigned IND AA/Stable rating to the Banks proposed fresh issue of Basel III compliant Additional Tier 1 bonds of Rs.1500 crore.

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Axis Bank allots 5,58,955 equity shares
Mar 20,2017

Axis Bank has allotted 5,58,955 equity shares of Rs. 2/- each on 20 March 2017, pursuant to exercise of options under its ESOP Scheme. The paid up share capital of the Bank will accordingly increase from Rs. 478,77,02,676 (239,38,51,338 equity shares of Rs. 2/- each) to Rs. 478,83,83,526 (239,41,91,763 equity shares of Rs. 2/- each).

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ICICI Bank allots 202,565 equity shares
Mar 20,2017

ICICI Bank has allotted 202,565 equity shares under ESOS on 16 March 2017.

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Shree Pushkar Chemicals & Fertilizers commissions 750 MTA H-acid plant
Mar 20,2017

Shree Pushkar Chemicals & Fertilizers announced the Commissioning of its 750 MTA H-acid plant at its unit no. III at B-97, MIDC Lote Parshuram. The trial run of the plant has commenced on 19 March 2017 and the commercial production is expected shortly.

As a result of its experience of over 10 years in the manufacture of H-Acid at its existing plant, the new plant incorporates the best of features for hassle free operations. The plants unique feature of Zero waste, by way of installing sophisticated multi stage evaporators and spray dryer ensures maximum recovery & recycle from its effluent streams, ensuring economies of operation.

With the commissioning of the aforesaid plant Shree Pushkar completes its plans as was brought out in its maiden IPO in September 2015.

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Outcome of board meeting of Marathon Nextgen Realty
Mar 20,2017

Marathon Nextgen Realty announced that the Board of Directors at its meeting held on 17 March 2017 approved the proposed development (IT Park) Phase-III at Marathon Futurex Premises, owned by Marathon Realty, Lower Parel, Mumbai 400013.

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Punj Llyod to allot 21.30 lakh equity shares
Mar 20,2017

Punj Llyod announced that the Committee of Directors of the Company on 14 March 2017 passed a resolution for allotment of:

- 4,10,000 equity shares of the Company of face value of Rs. 2/- each at a Price of Rs. 2/- per equity share under third grant of ESOP 2005;

- 17,20,000 equity shares of the Company of face value of Rs. 2/- each at a price of Rs. 2/- per equity share under seventh grant of ESOP 2006

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Mahindra Lifespace Developers provides update on rights issue
Mar 20,2017

Mahindra Lifespace Developers announced the outcome of the Rights Issue Committee meeting held on 20 March 2017.

1. BSE has been approved as the Designated Stock Exchange for the Issue.

2. Issue of up to 10,273,600 equity shares with a face value of Rs. 10 (ten) each for cash at a price of Rs. 292/- (Rupees Two Hundred Ninety-two only) per equity share including a premium of Rs. 282/- (Rupees Two Hundred Eighty-two only) per equity share (Rights Equity Shares) for an amount up to Rs.299.99 crore on a rights basis to the eligible equity shareholders of the Company in the ratio of 1:4, that is, 1 (one) Rights Equity Share for every 4 (four) fully paid-up equity shares of the Company held by existing equity shareholders as on the Record Date.

3. 31 March 2017 has been fixed as the Record Date for determining the shareholders eligible to apply for the Rights Equity Shares in the Issue.

4. Approved the appointment of intermediaries to the Issue.

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Aries Agro wins various awards
Mar 20,2017

Aries Agro has been conferred with the following Awards -

1) The National Record awarded by Limca Book of Records for the Largest Flash Sale of Specialty Plant Nutrient Products conducted during April 2016 at Bombay Stock Exchange, International Convention Center, Mumbai.

2) The highest independent honour in India namely the Skoch Gold Award for our consistent work serving Indian farmers.

3) Recognition with Skoch Order of Merit for being amongst the top 100 SMEs in India.

The above awards were conferred after detailed adjudication process carried out by the respective organizations.

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iStreet Network allots 1.25 lakh equity shares
Mar 20,2017

iStreet Network has allotted 1,25,000 equity shares on conversion of warrants. Post allotment, the paid up capital of the Company has increased from Rs. 8,47,00,000 to Rs. 8,52,00,000.

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Shyam Century Ferrous announces resignation of company secretary and compliance officer
Mar 20,2017

Shyam Century Ferrous announced that Rachna Pareek, Company Secretary & Compliance Officer of the Company has resigned from the services of the Company. The Company has accepted her resignation and relieved her from her responsibilities effective from close of the business hours of 18 March 2017.

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South India Paper Mills intimates of indefinite strike by workers union
Mar 20,2017

South India Paper Mills announced that Workers Union has commenced an indefinite strike w.e.f. 20 March 2017 at the Companys Paper Mill at Chikkayanachatra, Nanjangud.

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Patel Engineering to hold EGM
Mar 20,2017

Patel Engineering announced that an Extra Ordinary General Meeting (EGM) of the Company will be held on 18 April 2017 .

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Power Finance Corporation to hold board meeting
Mar 20,2017

Power Finance Corporation will hold a meeting of the Board of Directors of the Company on 24 March 2017, for considering inter-alia the declaration of Interim Dividend for FY 2016-17.

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TCI Developers to hold board meeting
Mar 20,2017

TCI Developers will hold a meeting of the Board of Directors of the Company on 17 May 2017, to approve the audited Financial Results 4th Quarter/FY ending on 31st March, 2017.

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