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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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Charms Industries to hold board meeting
May 17,2017

Charms Industries will hold a meeting of the Board of Directors of the Company on 22 May 2017, to consider and approve the Audited financial results of the Company for the quarter and year ended 31st March 2017, and also consider and approve re-appointment of Secretarial Auditor and Internal Auditors of the Company, and to take note of disclosure of interest received from the directors of the company in form MBP-1 of the company, and any other item with the permission of the Chair and majority of Directors.

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MFL India to hold board meeting
May 17,2017

MFL India will hold a meeting of the Board of Directors of the Company on 22 May 2017, to take in, to consideration and approve the Audited Financial Results for the year ended on March 31, 2017 and , to consider and approve any other matter as may be decided by the Board.

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Inventure Growth & Securities to hold board meeting
May 17,2017

Inventure Growth & Securities will hold a meeting of the Board of Directors of the Company on 22 May 2017, to consider and approve the Audited financial results of the Company for the quarter and year ended 31st March 2017.

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Best Steel Logistics to hold board meeting
May 17,2017

Best Steel Logistics will hold a meeting of the Board of Directors of the Company on 23 May 2017, to consider and approve the Audited financial results of the Company for the quarter and year ended 31st March 2017, and also consider and approve Appointment of Company Secretary of the Company.

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Acil Cotton Industries to hold board meeting
May 17,2017

Acil Cotton Industries will hold a meeting of the Board of Directors of the Company on 26 May 2017, to consider and approve the Audited financial results of the Company for the quarter and year ended 31st March 2017.

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Fast Track Entertainment to hold board meeting
May 17,2017

Fast Track Entertainment will hold a meeting of the Board of Directors of the Company on 26 May 2017, to consider and approve the Audited financial results of the Company for the quarter and year ended 31st March 2017.

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Euro Asia Exports to hold board meeting
May 17,2017

Euro Asia Exports will hold a meeting of the Board of Directors of the Company on 23 May 2017, to consider and approve the Audited financial results of the Company for the quarter and year ended 31st March 2017.

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Central Bank of India to hold board meeting
May 17,2017

Central Bank of India will hold a meeting of the Board of Directors of the Company on 23 May 2017, to consider and take on record audited consolidated financial results of the Bank for the financial year ended 31st March 2017.

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MRO-TEK Realty to hold board meeting
May 17,2017

MRO-TEK Realty will hold a meeting of the Board of Directors of the Company on 26 May 2017, to consider and approve the Audited Financial Results for the 4th quarter and year ended March 31, 2017 .

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Phoenix Township to hold board meeting
May 17,2017

Phoenix Township will hold a meeting of the Board of Directors of the Company on 26 May 2017, to consider and approve the audited financial results of the company for the quarter/Year ended 31st March, 2017.

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89% MGNREGA wages paid within 15 days
May 17,2017

Ministry of Rural Development in partnership with the State Governments has been trying to ensure timely payment of wages to MGNREGA workers. Timely payment of wages has been a major concern. In the current financial year, 20.88 crore person days of work has been generated so far. 89.08% of wage payments have been made within 15 days of work done. Twenty two States including Puducherry received wage payment directly through National Electronic Fund Management System. The remaining States access Electronic Fund Management System in nearly all cases. The Ministry is continuously striving in partnership with States to ensure timely payment of wages to MGNREGA workers directly into their Aadhar linked Bank accounts.

Over 85% of active MGNREGA workers have their Aadhar details seeded in NREGASOFT MIS (with their consent) and 4.85 crores workers are already on the Aadhar payment bridge linked Bank accounts.

The thrust of the Ministry is on water conservation and States have adopted Mission Water Conservation Guidelines to focus on 2264 water stressed and irrigation deficient Blocks of the country. The evaluation of over 80 lakh hectare of water conservation work done under MGNREGA in 2015-17 has also been taken up through Institute of Economic Growth and the final report would be available by 30th September, 2017. The Ministry of Rural Development is making all efforts to create durable assets and provide employment on demand through a thrust on Mission Water Conservation.

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Sapan Chemicals to hold board meeting
May 17,2017

Sapan Chemicals will hold a meeting of the Board of Directors of the Company on 26 May 2017, to consider audited results for march 2017.

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Mandhana Industries to hold board meeting
May 17,2017

Mandhana Industries will hold a meeting of the Board of Directors of the Company on 26 May 2017, to consider and take on record the Audited Financial Results for the quarter and financial year ended 31st March, 2017.

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Svaraj Trading & Agencies to hold board meeting
May 17,2017

Svaraj Trading & Agencies will hold a meeting of the Board of Directors of the Company on 26 May 2017, to consider and approve the Audited Financial Results of the Company for the quarter/ financial year ended 31st March, 2017.

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IFB Industries to hold board meeting
May 17,2017

IFB Industries will hold a meeting of the Board of Directors of the Company on 26 May 2017, to consider, discuss and adopt the audited Financial Results for quarter and year ended March 31, 2017, and , to consider any other matter with the permission of the Chair.

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