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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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ISGEC Heavy Engineering signs techology agreement with Swedens AP&T
Dec 23,2016

ISGEC Heavy Engineering has signed a Technology Agreement with AP&T of Sweden for cooperation in the manufacture of Hydraulic Press and other equipments for Press Hardening Line.

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JSW Energy gets revision in credit ratings for various facilities
Dec 23,2016

JSW Energy announced Credit Analysis & Research (CARE) has reaffirmed the ratings of the Company for Long term Bank Facilities and Non-Convertible Debentures as CARE AA- (Double A Minus), however has revised its outlook from Stable to Negative.

CARE has also reaffirmed the ratings of the Company for Short term Bank Facilities as CARE A1+ (A one plus) and withdrawn the rating for the Companys Short term loan as the facility has been entirely repaid.

CARE has assigned rating for Commercial Paper issue upto Rs. 700 crore as CARE A1+ (A one plus) and CARE AA- (Double A Minus) rating for the Non-Convertible Debentures issue upto Rs. 1000 crore with Negative outlook.

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JSW Energy gets revision in credit ratings for various facilities
Dec 23,2016

JSW Energy announced Credit Analysis & Research (CARE) has reaffirmed the ratings of the Company for Long term Bank Facilities and Non-Convertible Debentures as CARE AA- (Double A Minus), however has revised its outlook from Stable to Negative.

CARE has also reaffirmed the ratings of the Company for Short term Bank Facilities as CARE A1+ (A one plus) and withdrawn the rating for the Companys Short term loan as the facility has been entirely repaid.

CARE has assigned rating for Commercial Paper issue upto Rs. 700 crore as CARE A1+ (A one plus) and CARE AA- (Double A Minus) rating for the Non-Convertible Debentures issue upto Rs. 1000 crore with Negative outlook.

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BITS announces change in registered office
Dec 23,2016

BITS announced that the registered office of the Company shifted from 1111, 11th Floor, New Delhi House 27, Barakhamba Road, New Delhi-110001 to 711, 7th Floor, New Delhi House 27, Barakhamba Road, New Delhi-110001.

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BITS announces change in registered office
Dec 23,2016

BITS announced that the registered office of the Company shifted from 1111, 11th Floor, New Delhi House 27, Barakhamba Road, New Delhi-110001 to 711, 7th Floor, New Delhi House 27, Barakhamba Road, New Delhi-110001.

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Golden Goenka Fincorp pares stake in Shree Saishraddha Cements
Dec 23,2016

Golden Goenka Fincorp announced that the Company had further sold 12,50,000 Equity Shares of Shree Saishraddha Cements (SSCPL) representing 18.09% of the Equity Paid up of SSCPL.

As a results of aforesaid Sale, the Companys holding in SSCPL has decreased to 16.64%. Hence SSCPL ceased to be the associate of the Company.

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Golden Goenka Fincorp pares stake in Shree Saishraddha Cements
Dec 23,2016

Golden Goenka Fincorp announced that the Company had further sold 12,50,000 Equity Shares of Shree Saishraddha Cements (SSCPL) representing 18.09% of the Equity Paid up of SSCPL.

As a results of aforesaid Sale, the Companys holding in SSCPL has decreased to 16.64%. Hence SSCPL ceased to be the associate of the Company.

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PNB Housing Finance to consider December quarter results
Dec 23,2016

PNB Housing Finance announced that a meeting of the Board of Directors of the Company is scheduled to be held on 24 January 2017, inter alia, to consider and take on record/ approve the unaudited financial results for the quarter ended 31 December 2016, subject to limited review by the Statutory Auditors.

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PNB Housing Finance to consider December quarter results
Dec 23,2016

PNB Housing Finance announced that a meeting of the Board of Directors of the Company is scheduled to be held on 24 January 2017, inter alia, to consider and take on record/ approve the unaudited financial results for the quarter ended 31 December 2016, subject to limited review by the Statutory Auditors.

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Board of WEP Solutions approves preferential allotment of shares
Dec 23,2016

WEP Solutions announced that the Board of Directors of the company at its meeting held on 23 December 2016 has decided to issue and allot 20 lakh equity shares of Rs 10 each at a price of Rs 50 per share for a total consideration of Rs 10 crore to the proposed allottees on preferential basis. The Board also allotted 25,200 equity shares of Rs 10 each under ESOP 2011.

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Board of WEP Solutions approves preferential allotment of shares
Dec 23,2016

WEP Solutions announced that the Board of Directors of the company at its meeting held on 23 December 2016 has decided to issue and allot 20 lakh equity shares of Rs 10 each at a price of Rs 50 per share for a total consideration of Rs 10 crore to the proposed allottees on preferential basis. The Board also allotted 25,200 equity shares of Rs 10 each under ESOP 2011.

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Board of Allahabad Bank gives in-principle approval for merger of subsidiary -AllBank Finance
Dec 23,2016

Allahabad Bank announced that the Board of Directors of the Bank at its meeting held on 23 December 2016 has accorded its in-principle approval for merger of its wholly owned subsidiary - AllBank Finance with the Bank subject to necessary statutory and regulatory approvals.

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RBL Bank to hold EGM
Dec 23,2016

RBL Bank announced that the Extra Ordinary General Meeting (EGM) of the Company will be held on 17 January 2017.

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RBL Bank to hold EGM
Dec 23,2016

RBL Bank announced that the Extra Ordinary General Meeting (EGM) of the Company will be held on 17 January 2017.

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Rabi crops sowing crosses 554 lakh hectares
Dec 23,2016

As per preliminary reports received from the States, the total area sown under Rabi crops as on 23 December 2016 stands at 554.91 lakh hectares as compared to 523.40 lakh hectare this time in 2015.

Wheat has been sown/transplanted in 278.62 lakh hectares as on 23 December, showing increase from 259.37 lakh hectares last year. The area under rice crop has shown decline to 9.33 lakh hectares from 13.27 lakh hectares last year.

The pulses crop area was higher at 138.25 lakh hectares compared with 125.73 lakh hectares same time last year.

The area under coarse cereals crop was lower at 50.63 lakh hectares compared with 54.91 lakh hectares last year, while area sown under oilseeds moved up to 78.08 lakh hectares from 70.12 lakh hectares last year.

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