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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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Hester Biosciences to hold board meeting
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Hester Biosciences will hold a meeting of the Board of Directors of the Company on 22 March 2017, to approve investments in an existing partnership firm.

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Board of Engineers India recommends dividend
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Engineers India announced that the Board of Directors of the Company at its meeting held on 16 March 2017, inter alia, have recommended the dividend of Rs 2.5 per equity Share (i.e. 50%) , subject to the approval of the shareholders.

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VTM to hold board meeting
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VTM will hold a meeting of the Board of Directors of the Company on 22 March 2017, to consider and approve the recommendation of the CSR committee relating to CSR Activities of the company and the related matters.

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Muthoot Finance to hold board meeting
Mar 17,2017

Muthoot Finance will hold a meeting of the Board of Directors of the Company on 23 March 2017, to consider the declaration of interim dividend for the Financial Year 2016-17.

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Bharti Infratel to hold board meeting
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Bharti Infratel will hold a meeting of the Board of Directors of the Company on 22 March 2017, to consider and declare an Interim Dividend for the Financial Year 2016-17.

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Redex Protech will hold a meeting of the Board of Directors of the Company on 24 March 2017, for appointment of Auditor to fill casual vacancy, & Sale of substantial undertaking.

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Board of Sandesh recommends dividend
Mar 17,2017

Sandesh announced that the Board of Directors of the Company at its meeting held on 16 March 2017, inter alia, have recommended the dividend of Rs 5 per equity Share (i.e. 50%) , subject to the approval of the shareholders.

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Majesco allots 21814 equity shares
Mar 17,2017

Majesco announced that Investor Grievances and Stakeholder Relationship Committee on 17 March 2017 has allotted 21814 Equity Shares of Rs. 5/- each (Face Value) to employees who exercised their vested options under the Companys Employee Stock Option Schemes. The said shares will rank pari- passu with the existing shares of the Company in all respects.

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Murudeshwar Ceramics to hold board meeting
Mar 17,2017

Murudeshwar Ceramics will hold a meeting of the Board of Directors of the Company on 24 March 2017.

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USG Tech Solutions to hold board meeting
Mar 17,2017

USG Tech Solutions will hold a meeting of the Board of Directors of the Company on 22 March 2017, to inter alia, consider and approve the following business(s): To Remove Mr. Prem Sharma from office of CFO, to appoint Ms. Geeta as CFO of the Company, & to Take Approval of Related Party Transaction with RIS PTY LTD (wholly owned subsidiary) for Financial Year 2017-18 Discuss any other business with the permission of Chairman.

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Westlife Development to hold board meeting
Mar 17,2017

Westlife Development will hold a meeting of the Board of Directors of the Company on 24 March 2017.

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Polytex India to hold board meeting
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Polytex India will hold a meeting of the Board of Directors of the Company on 25 March 2017, to consider and approve the appointment of Mr. Ruchil Gandhi- Company Secretary & Compliance officer of the Company w.e.f. 25.03.2017, to Consider and approve the cessation of Mr. Paresh Kariya as Compliance Officer, and to Consider the Appointment of the Secretarial Auditor

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APL Apollo Tubes provides update on subsidiary - Blue Ocean Projects
Mar 17,2017

APL Apollo Tubes announced that Blue Ocean Projects, a wholly owned subsidiary of the Company, had allotted 4240 equity shares on 17 March 2017 to APL Apollo Tubes, on right issue basis.

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Kaya allots 14127 equity shares
Mar 17,2017

Kaya announced that 14127 equity shares of face value of Rs. 10/- each have been issued and allotted under the Kaya Limited Employees Stock Option Scheme 2014 (Scheme) by the authorized Nomination and Remuneration Committee of the Board of Directors through a Circular Resolution passed on 17 March 2017. Consequently, the issued, subscribed and paid up capital of the Company stands increased to 13022564 equity shares of face value of Rs. 10 each.

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Board of Dishman Pharmaceuticals and Chemicals considers High Court order sanctioning scheme of arrangement and amalgamation
Mar 17,2017

Dishman Pharmaceuticals and Chemicals announced that the Board of Directors of the Company at its meeting held on 17 March 2017 considered and took on record the Order of Honble High Court of Gujarat, sanctioning the Scheme of Arrangement and Amalgamation amongst Dishman Pharmaceuticals and Chemicals, Carbogen Amcis (India) and Dishman Care and their respective Shareholders & Creditors, in which following decisions were also taken by the Board of Directors of the Company:

It was decided to sell Investment made by the Company in its following Associate and group companies to the promoter directors of the Company as part of restructuring process and to consolidate its investment made in entities without any material activities or loss making entities including Dishman Biotech, Bhadra-Raj Holding, Dishman Infrastructure and B R Laboratories.

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