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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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Outcome of board meeting of Hindustan Everest Tools
Feb 21,2017

Hindustan Everest Tools announced that the Board of Directors of the Company at its meeting held on 20 February 2017 approved the following -

Borrowing in excess of paid up share capital and free reserves and the creation of charge and/or mortgage in respect of borrowings in excess of paid up share capital and free reserves to the extent of Rs 20 crore.

Sale of substantial assets of the plant of the company at Jatheri, Sonepat (Haryana).

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Outcome of board meeting of Hindustan Everest Tools
Feb 21,2017

Hindustan Everest Tools announced that the Board of Directors of the Company at its meeting held on 20 February 2017 approved the following -

Borrowing in excess of paid up share capital and free reserves and the creation of charge and/or mortgage in respect of borrowings in excess of paid up share capital and free reserves to the extent of Rs 20 crore.

Sale of substantial assets of the plant of the company at Jatheri, Sonepat (Haryana).

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Tata Consultancy Services announces change in directorate
Feb 21,2017

Tata Consultancy Services announced that the Company has received a letter from Tata Sons, in exercise of the powers under Article 90 of the Articles of Association of the Company, nominating N. Chandrasekaran as the Chairman of the Board of Directors of the Company in place of Ishaat Hussain, with effect from 21 February 2017. The nomination was duly noted by the Directors at its meeting held on 20 February 2017.

In view of the above, N. Chandrasekaran would take charge as Non-Executive Chairman of the Board of Directors of the Company with effect from 21 February 2017.

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Tata Consultancy Services announces change in directorate
Feb 21,2017

Tata Consultancy Services announced that the Company has received a letter from Tata Sons, in exercise of the powers under Article 90 of the Articles of Association of the Company, nominating N. Chandrasekaran as the Chairman of the Board of Directors of the Company in place of Ishaat Hussain, with effect from 21 February 2017. The nomination was duly noted by the Directors at its meeting held on 20 February 2017.

In view of the above, N. Chandrasekaran would take charge as Non-Executive Chairman of the Board of Directors of the Company with effect from 21 February 2017.

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Outcome of board meeting of Stampede Capital
Feb 21,2017

Stampede Capital announced that the Board of Directors of the Company at its meeting held on 20 February 2017 has approved the following subject to approval of shareholders -

Issue of 5 crore equity share warrants not exceeding 15% of the post issue equity to 13 persons under non promoter group.

Approved the proposal to raise further capital up to 40 million USD by way of ADR/GDR QIP/ Rights Issue/ FCCB and other securities.

Issue of ESOP shares to the Key Manageria Persons by Stampede Tradex, Singapore.

To increase the Authorised Share Capital from Rs 34 crore to Rs 45 crore.

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Outcome of board meeting of Stampede Capital
Feb 21,2017

Stampede Capital announced that the Board of Directors of the Company at its meeting held on 20 February 2017 has approved the following subject to approval of shareholders -

Issue of 5 crore equity share warrants not exceeding 15% of the post issue equity to 13 persons under non promoter group.

Approved the proposal to raise further capital up to 40 million USD by way of ADR/GDR QIP/ Rights Issue/ FCCB and other securities.

Issue of ESOP shares to the Key Manageria Persons by Stampede Tradex, Singapore.

To increase the Authorised Share Capital from Rs 34 crore to Rs 45 crore.

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Outcome of board meeting of Gammon India
Feb 21,2017

Gammon India announced that the Board of Directors of the Company at its meeting held on 20 February 2017 has permitted Gammon Power to further sell/dispose off the balance 26.06% of the equity shares of Gammon Infrastructure Projects at the market price, in one or more tranches out of which, the Board has subject to shareholders and all regulatory approvals, expressed its intention to acquire up to 20% of the said equity shares of Gammon Infrastructure Projects from Gammon Power at the market price in one or more tranches.

The said equity shares of GIPL have been currently pledged by Gammon Power to the Companys lenders as security for loans approved to the Company.

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Castrol India to pay final dividend
Feb 21,2017

Castrol India announced that final dividend, if approved by the shareholders at the 39th AGM, shall be paid on or before 30 June 2017.

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Castrol India fixes record date for special dividend
Feb 21,2017

Castrol India has fixed 03 March 2017 as record date for special dividend and the special dividend shall be paid on or before 23 March 2017.

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Tiger Logistics (India) recognised as Fastest Growing Logistics Company of the Year for Gujarat region
Feb 21,2017

Tiger Logistics (India) announced that in the 8th Edition at the Gujrat Junction 2017, the Award for Excellence in Cargo & Logistics Sector hasbeen presented to the Company. The Company has been the winner for n++Fastest Growing Logistics Company of the Yearn++ for the Gujrat region. The award was organized by EXIM India on 18 February 2017 at Hotel Radisson Blu, Kandla.

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IFCI announces change in regional offices
Feb 21,2017

IFCI announced that subsequent to the decision taken by Board of Directors of IFCI, it has been decided to discontinue operations of Regional Offices at Bhubaneswar, Kochi, Lucknow, Raipur and Vijayawada by 17 May 2017. Therefore, all businesses of Regional Offices at Bhubaneswar, Kochi, Lucknow, Raipur and Vijayawada will be transferred and merged with Kolkata, Chennai, Delhi, Mumbai and Hyderabad Regional Offices, respectively for business development and monitoring of existing cases w.e.f. 18 May 2017 onwards.

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Amsons Apparels announces change in directorate
Feb 21,2017

Amsons Apparels announced that Vishal Yadav has resigned from the Directorship of the Company with effect from 17 February 2017 due to pre occupation and Agusteen Kachhap, has been appointed as Non Executive Director with effect from 17 February 2017.

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Power Grid Corporation of India declared successful bidder under TBCB
Feb 21,2017

Power Grid Corporation of India announced that POWERGRID has been declared as the successful bidder under Tariff based competitive bidding to establish 765kV Strengthening in Eastern Region (ERSS-XVIII) on build, own operate and maintain (BOOM) basis. The Letter of Intent (Lol) has been received on 21 February 2017.

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Electrotherm (India) allots 12,66,440 equity shares
Feb 21,2017

Electrotherm (India) announced that as per the terms of issue of 2,85,90,000 Partially Convertible Partially Redeemable Preference Shares (PCPRPS) of Rs. 10/- each allotted to Edelweiss Asset Reconstruction Company (EARC) on 22 August 2015, being an Financial institution within the meaning of sub clauses (ia) and (ii) of clause (h) of section 2 of the Recovery of Debts due to Banks and Financial Institutions Act, 1993, the Securities Allotment Committee of the Company at its meeting held on 21 February 2017 allotted fully paid-up 12,66,440 Equity Shares of face value Rs. 10/- each to EARC at a conversion price of Rs. 225.75 representing 9.94% of the post allotment paid-up equity capital of the Company.

Further the balance / fraction amount, if any, remaining outstanding after the said conversion of PCPRPS will continue to be part of loan by EARC.

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Dr Reddys Laboratories intimates of conclusion of inspection of Miryalaguda plant
Feb 21,2017

Dr Reddys Laboratories announced that the audit of the Companys API manufacturing plant at Miryalaguda, by the US FDA, has been completed on 21 February 2017. The Company have been issued a Form 483 with three observations, which the Company is addressing.

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