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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 Sundaram Finance approves to seeks shareholders approval for private placement of NCDs
Feb 17,2017

Sundaram Finance announced that at the Board Meeting held on 17 February 2017, the Board of Directors have approved the postal ballot notice to the shareholders in connection with the intention to raise funds by making offer(s) or invitation(s) to subscribe to listed non-convertible debentures on private placement basis for a sum not exceeding Rs. 7500 crore, in accordance with the provisions of S.42 read with S.71 of the Companies Act, 2013.

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Board of RCI Industries & Technologies allots equity shares on preferential basis
Feb 17,2017

RCI Industries & Technologies announced that the Board of Directors at its meeting held on 17 February 2017 has approved of allotment of 17,37,000 equity shares of face value of Rs 10 each at Rs 225 per share including premium of Rs 215 per share to promoters and non-promoters on preferential basis.

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Board of SVC Resources allots equity shares
Feb 17,2017

SVC Resources announced that the Board of Directors of the Company in their meeting held on 17 February 2017, have allotted 20,667 equity shares of Rs. 1/- each at an issue price of Rs. 2/- per share to Akhilesh Malvi, Managing Director of the Company aggregating to Rs. 41,334/- pursuant to approval of members of the Company obtained through postal ballot on 14 February 2017.

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Board of Vyapar Industries approves buyback of shares
Feb 17,2017

Vyapar Industries announced that the Board of Directors in their Meeting held on 17 February 2017, inter alia, have approved the buyback of upto 20,40,000 Equity Shares of the Company (the n++Equity Sharesn++) of the face value of Rs. 10 each at a price of Rs. 38 per Equity Share aggregating to Rs. 77.52 crore through the Tender Offer route as prescribed under the Securities and Exchange Board of India (Buy-Back of Securities) Regulations, 1998. as amended (the Buyback Regulations) on a proportionate basis from the shareholders as on the record date (to be decided later), subject to the approval of shareholders by way of a special resolution through postal ballot and regulatory compliances required under applicable laws.

The Board has approved the proposal of Sell, transfer or otherwise dispose of the whole or substantially the whole of the investments i.e. 49,11,494 Equity shares of Rs. 10/- each held in Beneficent Knowledge Parks &. Properties in tranches to the Related Party & other present shareholders of the Company, Beneficent Knowledge Parks & Properties at Rs. 50.62 per Equity Share for a minimum total consideration of Rs. 24.86 crore.

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Hindusthan National Glass & Industries director resigns
Feb 17,2017

Hindusthan National Glass & Industries announced that Rakesh Kumar Sharma, Executive Director of the Company has resigned from the Directorship of the Company w.e.f. 28 February 2017.

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Loyal Equipments secured order for main supply of air oil vessels
Feb 17,2017

Loyal Equipments has received an order worth Rs 43.79 lakhs from Voith Group, Germany (through its Indian Company Voith Hydro, a Voith and Siemens company) for main supply of air oil vessels along with instrumentation, accessories and spare complete in all respect and supervision of testing and commissioning of 2x43.6 MW Modernization of Hirakud Hydro Electric Project, Hirakud, Odisha.

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Skipper wins award for Continuous HR innovation for Business Excellence
Feb 17,2017

Skipper announced that the Company got awarded in the category of Continuous HR innovation for Business Excellence in Global HR Excellence awards. Global HR Excellence awards is organized annually by World HRD Congress. The event took place on 16 February 2017 in Hotel Taj Lands End, Mumbai.

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Orient Press gets reaffirmation in credit ratings
Feb 17,2017

Orient Press has received reaffirmation in credit ratings from CARE as follows -

Long term bank facilities (Rs 37.15 crore) - CARE BBB; Stable
Long term/ short term bank facilities (Rs 10 crore) - CARE BBB; Stable / CARE A3+
Short term bank facilities (Rs 18.50 crore) - CARE A3+
Medium-Term fixed deposits (Rs 8 crore) - CARE BBB(FD); Stable

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Ferro Alloys Corporation gets upgradation in rating for line of credit
Feb 17,2017

Ferro Alloys Corporation has received from ICRA an upgradation in the Companys long term rating for the line of credit (Rs 109.89 crore) from ICRA D to ICRA C. Further, the Companys short term rating for the line of credit has also been upgraded from ICRA D to ICRA A4.

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Great Eastern Shipping Company provides update on subsidiary Greatship (India)
Feb 17,2017

Great Eastern Shipping Company announced that its subsidiary - Greatship (India) has sold and delivered its 1999 built Platform Supply Vessel (PSV) Greatship Disha to the buyers.

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Andhra Bank intimates of Bank strike
Feb 17,2017

Andhra Bank has been informed by Indian Banks Association (IBA) that the Convenor of United Forum of Bank Unions (UFBU) have served a notice of strike dated 08 February 2017 informing their decision that all the members of the constituted unions of the United Forum of Bank Unions (AIBEA, AIBOC, NCBE, AIBOA, BEFI, INBEF, NOBW, INBOC & NOBO), to go on All India One Day strike on 28 February 2017 on various issues and demands.

Impact on Banks Operations:

In the event of strike materializing on 28 February 2017, the functioning of Branches/ Offices of the Bank will be affected.

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Punjab & Sind Bank announces appointment of Executive Director
Feb 17,2017

Punjab & Sind Bank announced that Government of India, Ministry of Finance, Department of Financial Services, vide notification dated February 16, 2017, in exercise of the powers conferred by clause (a) of sub-section (3) of Section 9 of The Banking Companies (Acquisition and Transfer of Undertakings) Act, 1970/1980, read with sub-clause (1) of clause 3 and sub-clause (1) of clause 8 of The Nationalised Banks (Management and Miscellaneous Provisions) Scheme, 1970/1980, has appointed Fareed Ahmed, as Executive Director of Punjab & Sind Bank.

Fareed Ahmed has taken over the charge on 17 February 2017.

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Lancer Container Lines opens branch office
Feb 17,2017

Lancer Container Lines has opened a branch office at 10 A/1, Chidambara Nagar, Main Road, Tuticorin, Tamil Nadu - 628008, India headed by T.T. Alwin Durai. This office will help the Company to tap business opportunities in the Southern India and improve the company foot print and help deliver superior client experience locally.

The Company is well poised to serve clients with its own branch network at the following locations within India: New Delhi, Kolkata, Gandhidham-Gujrat and Chennai.

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Board of Sundaram Finance approve demerger of non-financial services investment into wholly owned subsidiary
Feb 17,2017

The Board of Directors of Sundaram Finance has on 17 February 2017 approved a proposal to demerge the non-financial services investment of Sundaram Finance into wholly owned subsidiary, Sundaram Finance Investments. Following the demerger, Sundaram Finance Investments would be listed on the stock exchanges, subject to necessary approvals from regulators and shareholders.

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Rural Electrification Corporation gets included in Nifty 100 and Nifty Next 50 indices
Feb 17,2017

Rural Electrification Corporation announced that as per the press release issued by India Index Services & Products (IISL) who manages a portfolio of 67 indices under NIFTY brand as of 30 September 2016 including NIFTY 50 and it is a group Company of National Stock Exchange of India, the Index Maintenance Sub-Committee (IMSC) of IISL in its Meeting held on 16 February 2017 has inter-alia decided to include Rural Electrification Corporation in NIFTY 100 and NIFTY Next 50 with effect from 31 March 2017. The above inclusion is based on various qualifying factors and good performance of the stock of REC.

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