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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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Board of Religare Enterprises approves scheme of amalgamation
Dec 27,2016

Religare Enterprises announced that the Board of Directors of the Company at its meeting held on 27 December 2016 approved a scheme of amalgamation that is designed to simplify the Companys corporate structure.

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Dec 27,2016

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1. Approval of Draft Letter of Offer to be submitted to Securities and Exchange Board of India and National Stock Exchange of India for proposed rights issue by the Company.

2. Approval of public announcement.

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Dec 27,2016

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1. To consider and approve the Notice of forthcoming Extraordinary General Meeting to be held on 27 January 2017, at 10:00 a.m.

2. To discuss on the banking related matters.

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Optiemus Infracom to sell its subsidiary - Kishore Exports India
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- In the matter of the Commercial property, n++Menon Eternityn++, owned by the Company, the Arbitrator had issued an Award dated 16 March 2016, invalidating the sale deeds registered in favour of the Company. The Honble High Court of Madras by its judgment delivered on 23 December 2016, set-aside the Award of the Arbitrator, with regard to the invalidation of the sale deeds and hence confirmed the title in favour of the Company.

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Chartered Logistics to consider December quarter results
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Chartered Logistics announced that a meeting of the Board of Directors of the Company will be held on 05 January 2017, inter alia, to consider an approve the Un-audited Financial Results of the Company for the Quarter ended 31 December 2016.

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Board of Mount Shivalik Industries to consider change in registered office
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Board of Asis Logistics to approve shifting of registered office
Dec 27,2016

Asis Logistics announced that a Meeting of the Board of Directors will be held on 05 January 2017 to discuss and approve the following agenda:-

- Shifting of Registered Office of the Company from State of Gujarat to State of Maharashtra.

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Phillips Carbon Black to announce Q3 results
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Phillips Carbon Black announced that a meeting of the Board of Directors of the Company will be held on 18 January 2017, inter alia, to consider and approve the Unaudited Financial Results of the Company for the third quarter ended 31 December 2016.

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