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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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Maruti Suzuki India announces change in directorate
Dec 22,2016

Maruti Suzuki India announced that pursuant to the resolution passed by the board through circulation on 22 December 2016, Toshiaki Hasuike has ceased to be a Whole-time Director designated as Joint Managing Director with effect from the close of business hours of 19 November 2016. However, he continues as a non-executive director.

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Galaxy Consolidated Finance appoints company secretary and compliance officer
Dec 22,2016

Galaxy Consolidated Finance announced that Zalak Gajjar appointed as the Company Secretary and Compliance Officer of the Company with effect from 21 December 2016.

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McDowell Holdings announces resignation of director
Dec 22,2016

McDowell Holdings announced that N. Srinivasan Director of the Company has resigned from the office of Director of the Company.

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Suzlon Energy forms JV with AMP Solar
Dec 22,2016

Suzlon Energy announced a joint venture with AMP Solar for the development and construction of a 15 MW solar PV project located at Achampet, Mahaboobnagar District, Telangana.

Suzlon will be responsible for project commissioning and to provide comprehensive operations and maintenance services for a period of 25 years. The project is expected to be commissioned in the FY 2017.

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Schrader Duncan announces resignation of director
Dec 22,2016

Schrader Duncan announced that Shantanu Parvati, Whole Time Director of the Company vide his letter dated 22 December 2016 has resigned from the Company with effect from the close of working hours of 31 January 2017.

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Board of Mahalaxmi Rubtech approves preferential allotment of convertible warrants
Dec 22,2016

Mahalaxmi Rubtech announced that the Board of Directors of the Company at its meeting held on 22 December 2016 approved allotment of 45 lakh warrants convertible into equity shares at an issue price of Rs 45 per warrant on preferential basis.

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Board of Hinduja Ventures approves subscription to rights issue of Hinduja Leyland Finance
Dec 22,2016

Hinduja Ventures announced that the Board of Directors of the Company at its meeting held on 22 December 2016 approved the subscription to -

- 16,57,408 equity shares of Rs 10 each offered to the Company by Hinduja Leyland Finance on rights basis at a price of Rs 79 per share.

- 11,394 equity shares renounced in favour of the Company at a price of Rs 79 per share.

The Companys shareholding after subscription to equity shares on rights basis and equity shares renounced will increase to 2,15,57,692 equity shares which would be equivalent to 5.23% on the enhanced equity paid up capital of Hinduja Leyland Finance. The percentage of holding remains unchanged on the enhanced equity paid up capital of Hinduja Leyland Finance.

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Welplace Portfolio & Financial Consultancy Services allots equity shares
Dec 22,2016

Welplace Portfolio & Financial Consultancy Services announced that the Board of Directors of the Company at its meeting held on 22 December 2016 has allotted 1,12,55,800 equity shares of face value of Rs 10 each to proposed allottees who are non-promoters.

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Board of Chromatic India to consider appointment of director
Dec 22,2016

Chromatic India announced that a Meeting of the Board of Directors of the Company will be held on 30 December 2016, inter alia, to consider the following changes in the Board of Directors of the Company :

- Appointment of Mayank Kotadia on the Board of Directors of the Company.

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Goodluck Steel Tubes to consider preferential allotment of warrants
Dec 22,2016

Goodluck Steel Tubes announced that a meeting of the Board of Directors of the Company is scheduled be held on 27 December 2016, inter alia, to issue and allot warrants convertible into equal number of equity shares to promoters on preferential basis.

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Board of JBM Auto to consider fund raising options including through QIP
Dec 22,2016

JBM Auto announced that a meeting of Board of Directors is scheduled to be held on 29 December 2016, inter alia, to re-consider (in supersession of its earliest resolution dated 14 November 2016 on the above matter) the proposal for various fund raising options including through Qualified Institutions Placement subject to taking of shareholders approval through Postal Ballot for the aforesaid purpose.

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Board of Sita Shree Food Products to consider notice of EGM
Dec 22,2016

Sita Shree Food Products announced that a meeting of the of Board of Directors of the Company will be held on 30 December 2016, inter alia, to consider Notice of Extra Ordinary General Meeting.

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Board of Ace Men Engg Works accepts resignation of company secretary
Dec 22,2016

Ace Men Engg Works announced that the Board of Directors of the Company at its meeting held on 22 December 2016 has approved the following -

Resignation of Arindham Roy Chowdhary from the post of Company Secretary.

Rajesh Kumar Sharma, Managing Director of the Company shall act as a Compliance officer with immediate effect.

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Board of NHPC does not consider agenda for interim dividend for FY 2017
Dec 22,2016

NHPC announced that agenda regarding declaration of interim dividend for the financial year 2016-17 was not placed at the meeting of the Board of Directors of the Company held on 22 December 2016.

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Board of Learning Edge Academy of Professionals approves change in registered office
Dec 22,2016

Learning Edge Academy of Professionals announced that the Board of Directors of the Company at its meeting held on 22 December 2016 approved the change in registered office of the Company to A-16, First Floor, Qutab Institutional Area, Aruna Asaf Ali Marg, New Delhi - 110067.

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