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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 Empee Distilleries announces resignation of company secretary
Nov 14,2016

Empee Distilleries announced that the Board of Directors of the Company at its meeting held on 12 November 2016, inter alia, transacted the following :

- K. Murali, Company Secretary and compliance officer has resigned from the service of the Company and the Board relieved him from the position of Company Secretary and compliance officer w.e.f. 12 November 2016.

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Board of Banco Products (India) appoints CEO
Nov 14,2016

The Board of Banco Products (India) approved the appointment of Praveen Rao as Chief Executive Officer and KMP of the Company with effect from 12 November 2016.

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Board of Visagar Polytex approves resignation of director
Nov 14,2016

Visagar Polytex announced that the Board of Directors of the Company at its Meeting held on 12 November 2016, inter alia, has approved and taken on record the following -

1. Considered and accepted the resignation tendered by Kamal Ahuja from the directorship of the Company.

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Board of Shree Pushkar Chemicals & Fertilizers accepts withdrawal of nominee director
Nov 14,2016

Shree Pushkar Chemicals & Fertilizers announced that the Board of Directors of the Company took on record a letter of withdrawal of nomination of Poonam Garg as received from IFCI Ventures Capital Funds.

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Board of Greenearth Resources & Projects accepts resignation of director
Nov 14,2016

The Board of Greenearth Resources & Projects approved the resignation of Loknath Mishara from the Post of Independent Director of the Company.

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Ellora Paper Mills to announce September quarter results
Nov 14,2016

Ellora Paper Mills announced that a meeting of Board of Director of the Company is scheduled to be held on 14 November 2016, inter alia, to consider and approve the Unaudited Financial Result for the quarter ended on 30 September 2016.

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Adani Ports & Special Economic Zone gets credit ratings assigned
Nov 14,2016

Adani Ports & Special Economic Zone announced that Moodys, Fitch Ratings and S & P Global Ratings has assigned following provisional rating to the proposed foreign currency denominated bonds issuance by the Company:

i) Moodys Investors Service - Baa3 rating. The outlook on the rating is negative

ii) Fitch Ratings - BBB- (Exp) rating. The outlook on the rating is stable

iii) S & P Global ratings - BBB-rating. The outlook on the rating is negative

Further, the senior management team of the Company together with the joint lead managers appointed for the proposed issue of foreign currency denominated bonds shall engage in meetings and presentations with institutional investors, analysts, amongst others, outside of India, in relation to the proposed issuance.

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Board of Indo Euro Indchem appoints company secretary
Nov 14,2016

Indo Euro Indchem announced that the Board of Directors of the Company at its meeting held on 12 November 2016, inter alia, has considered and taken on record the following matters:

1. Appointment of Anushree Amol Rane as a Company Secretary and Compliance Officer of the Company w.e.f. 01 November 2016.

2. Appointment of Amit Bhatt & Associates, Chartered Accountants as an Internal Auditor of the Company w.e.f. 01 November 2016.

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Board of Todays Writing Instruments approves change in directorate
Nov 14,2016

Todays Writing Instruments announced that the Board of Directors of the Company at its meeting held on 12 November 2016, inter alia, have approved the following:

1. Resignation of Rajiv Drolia as the Chief Financial Officer of the Company.

2. Appointment of Rajiv Drolia as an Additional Director and Managing Director of the Company.

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Outcome of board meeting of Sree Sakthi Paper Mills
Nov 14,2016

Sree Sakthi Paper Mills announced that the Board of Directors of the Company at its meeting held on 12 November 2016, inter alia, has transacted the following;

1. V. N. Sridharan has been appointed as Chief Financial Officer.

2. N.Subramanian, Chennai appointed as Independent Additional Director

3. Approved availment of Incorporate loan of Rs. 7,12,00,000/- from Kailash Logistics.

4. Discussed options regarding reopening of Edayar Factory.

5. Fixed date for next Annual General Meeting on 30 December 2016.

6. Approved the Draft Directors report and Corporate Governance report.

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Bilateral Trade agreement between India and Bhutan
Nov 14,2016

Commerce and Industry Minister Smt. Nirmala Sitharaman and H.E. Tengye Lyonpo Lekey Dorji, Minister for Economic Affairs, Royal Government of Bhutan signed the Agreement on Trade, Commerce and Transit between India and the Royal Government of Bhutan in the presence of H.E. Lyonchhen Tshering Tobgay, Prime Minister of Bhutan at the Gyalyong Tshokhang in Thimphu on 12 November, 2016.

The first Agreement on Trade and Commerce between Bhutan and India was signed in 1972. Since then, the Agreement has been renewed four times. The last Agreement was renewed on July 28, 2006 and was valid till July 29, 2016. The validity of the Agreement was extended for a period of one year or till the date of coming into force of the new Agreement, whichever is earlier, by exchange of diplomatic notes between the two countries.

The new bilateral Trade Agreement aims to enhance trade between the two countries through trade facilitation by improving procedures, cutting down on documentation and adding additional exit/entry points for Bhutans trade with other countries. It is also expected to further strengthen the excellent relations between the two countries.

She also had a bilateral meeting with a high level Bhutanese delegation led by Lyonpo Lekey Dorji, Minister for Economic Affairs of Bhutan where both the leaders discussed various issues related to bilateral trade, transit and investment.

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Board of Sandur Manganese & Iron Ores declares interim dividend
Nov 14,2016

Sandur Manganese & Iron Ores announced that the Board of Directors of the Company at its meeting held on 12 November 2016, inter alia, has taken a note of following:

1. Board has taken note of the change in status of Vatsala Watsa, from being an Independent Director of the Company to a Non-Independent Director, as some of the criteria of Independence is not being met in her case now. Hereafter, Board she will be a Non-Executive Director, liable to retire by rotation.

2. To ensure continuous compliance with the provisions of Regulation 17(1)(b) of the SEBI (Listing Obligations and Disclosure Requirements) Regulation, 2015, requiring at least one half of the Board to consist of Independent Directors, G. Pandurang Kundargi has been co-opted as an Additional Director on the Board with effect from 12 November 2016. G. P. Kundargi will hold the office of an Independent Director of the Company subject to approval of Shareholders either at the General Meeting or through Postal Ballot.

3. Considering the performance during the first half of the current financial year, Board has approved payment of an Interim Dividend of Rs 2 per share, i.e., 20% of paid up equity share capital of the Company.

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Schneider Electric Infrastructure CFO resigns
Nov 14,2016

Schneider Electric Infrastructure announced that Anurag Mantri, Chief Financial Officer (CFO) has resigned from the Company and will be relieved from his official duties from the close of business hours on 24 November 2016.

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Outcome of board meeting of Sharad Fibres & Yarn Processors
Nov 14,2016

Sharad Fibres & Yarn Processors announced that the Board of Directors of the Company at its meeting held on 12 November 2016, inter alia, has considered and approved the following;

- Notice to convene the Board Meeting as on 19 November 2016, to approve the draft scheme of amalgamation of BST EXPORTS (the First Transferor Company) and DALMIA EXIM (the Second Transferor Company ) Wholly owned subsidiaries, with Sharad Fibres and Yarn Processors (the Transferee Company), pursuant to Sections 391 to 394 and other applicable provisions, if any, of the Companies Act, 1956 and the Companies Act, 2013 (to the extent notified).(n++Schemen++).

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Outcome of board meeting of Steel Exchange India
Nov 14,2016

The Board of Steel Exchange India has approved to the notice of EGM of the Company to be held on 21 December 2016 to transact further issue of equity shares on preferential allotment to raise funds for the requirements of the Company.

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