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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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Regency Investments schedules board meeting
Aug 05,2017

Regency Investments will hold a meeting of the Board of Directors of the Company on 12 August 2017, to consider and approve Unaudited Financial Results of the company for the quarter and three months ended on 36/06/2017

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Avantel schedules AGM
Aug 05,2017

Avantel announced that the Annual General Meeting (AGM) of the company will be held on 15 September 2017.

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BAMPSL Securities to table results
Aug 05,2017

BAMPSL Securities will hold a meeting of the Board of Directors of the Company on 12 August 2017, to consider, approve and to take on record the Un-audited financial results for the Quarter ended on 30th June 2017.

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Genomic Valley Biotech announces board meeting date
Aug 05,2017

Genomic Valley Biotech will hold a meeting of the Board of Directors of the Company on 12 August 2017, to consider and approve the Un-Audited Financial Results for the quarter and three months ended 30th June, 2017.

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Board of Avantel recommends final dividend
Aug 05,2017

Avantel announced that the Board of Directors of the Company at its meeting held on 3 August 2017, inter alia, have recommended the final dividend of Rs 2 per equity Share (i.e. 20%) , subject to the approval of the shareholders.

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Outcome of board meeting of Rane (Madras)
Aug 05,2017

Rane (Madras) announced that the Board of Directors of the Company at its meeting held on 05 August 2017 approved the following -

Preferential issue securities to Rane Holdings (belonging to the Promoter and promoter group):
(a) 10,96,892 equity shares of face value of Rs.10/- each, fully paid up, for cash, at a price of Rs.547/- each;
(b) 3,65,630 warrants of face value of Rs.10/- each, for cash, at a price of Rs. 547/- each, convertible into 3,65,630 Equity shares of face value of Rs.10/- each, fully paid up at a price of Rs. 547/- per share at any time after the date of allotment but on or before the expiry of 18 months from the date of allotment.

Convening of an EGM of the members on 01 September 2017 for the aforementioned preferential issue of equity shares and warrants. The relevant date for the preferential issue shall be Thursday, 02 August 2017.

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Technocraft Industries (India) commences production at textile plant
Aug 05,2017

Technocraft Industries (India) announced that production at Textile Plant of the Company situated at Murbad, District Thane, has commenced with effect from 04 August 2017.

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NCLT initiates CIRP for Adhunik Metaliks
Aug 05,2017

Adhunik Metaliks announced that Pursuant to an Order dated 3 August, 2017 of the National Company Law Tribunal, Kolkata Bench, Corporate Insolvency Resolution Process (CIRP) has been initiated for Adhunik Metaliks as per the provisions of the Insolvency and Bankruptcy Code, 2016. A copy of the said order has been received by the Company on 04 August 2017.

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The Government has signed a Memorandum of Understanding (MoU) with Hindustan Aeronautics Limited (HAL)
Aug 05,2017

The Government has signed a Memorandum of Understanding (MoU) with Hindustan Aeronautics Limited (HAL) on 11th July, 2017.

The MoU outlines targets on various performance parameters of the company during the year 2017-18. The revenue from operations has been targeted at Rs.17,900 crore, the highest ever. Specific emphasis has been laid on capacity building, modernisation, solar power plants and aiming to achieve capital expenditure of Rs.1300 crore. The thrust on Make in India is ensured by inclusion of specific milestones for projects such as Light Combat Helicopter (LCH), Jaguar DARIN-III Upgrade, Mirage 2000 Upgrade and civil version of Dornier Aircraft. The company also aims to achieve 5% increase in indigenous content through indigenisation under Make in India initiatives, over the previous year.

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Shares of Optiemus Infracom get listed on NSE
Aug 05,2017

Optiemus Infracom announced that the Equity Shares of the Company shall be listed and admitted to dealings on National Stock Exchange of India (NSE) w.e.f 08 August 2017.

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Landmarc Leisure Corporation to conduct board meeting
Aug 05,2017

Landmarc Leisure Corporation will hold a meeting of the Board of Directors of the Company on 2 August 2017.

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Landmarc Leisure Corporation to declare Quarterly Result
Aug 05,2017

Landmarc Leisure Corporation will hold a meeting of the Board of Directors of the Company on 14 August 2017, to consider and approve the Unaudited financial results of the Company for the quarter ended June 30th, 2017.

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Halder Venture to discuss results
Aug 05,2017

Halder Venture will hold a meeting of the Board of Directors of the Company on 11 August 2017.

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Manpasand Beverages to conduct board meeting
Aug 05,2017

Manpasand Beverages will hold a meeting of the Board of Directors of the Company on 10 August 2017.

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Vital Communications to table results
Aug 05,2017

Vital Communications will hold a meeting of the Board of Directors of the Company on 11 August 2017, to Consider and Approve Unaudited Financial Results for the Quarter ended on 30.06.2017.

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