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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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1. Issue of Equity shares on preferential basis to Promoters/ Directors.

2. Issue of Convertible warrants on preferential basis to Promoters/ Directors.

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1. Board accepted and noted the resignation of Dilip Kumar Joshi from the office of Independent Director of the Company w.e.f. 23 December 2016.

2. Board discussed and decided to take necessary legal action and to file Criminal/Civil suit, complaints (s), legal proceeding(s) against its trade debtors, Anil, Ahmedabad (Guj.), including its Managing Director Amol Shripal Seth and other directors, employees to recover the money due with them involving total amount approx. Rs. 16.50 Lakhs. Board authorized its Company Secretary to take necessary steps in the matter.

3. Other business as per the agenda.

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2. Resignation of Dolly Dhanresha from the post of Company secretary and Appointment of new Company Secretary.

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Liberty Shoes gets reaffirmation of ratings for bank facilities
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Liberty Shoes has received affirmation in credit ratings for bank facilities of the company from Credit Analysis & Research.

Long term bank facilities (Rs 151.46 crore) - CARE A-; Stable (Reaffirmed)
Short term bank facilities (Rs 31 crore) - CARE A2+ (Reaffirmed)

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Bharti Airtel offers free data for 12 months on 4G network
Jan 03,2017

Bharti Airtel announced a special offer under which, it will offer free data for 12 months, worth up to Rs 9000, to customers who switch to Airtel 4G. With this, customers can now experience Indias fastest 4G network at great prices.

The 12 months offer is available to any customer with a 4G mobile handset that is currently not on the Airtel network. Any customer, including existing Airtel customers, upgrading to a new 4G handset can also avail this offer.

This offer will be available to customer across India starting tomorrow and will close on 28 February 2017.

Customers will get free 3GB data every month till December 31, 2017 with select Prepaid and Postpaid packs under this offer. This free data benefit will be over and above the pack/plan benefits.

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