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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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Royale Manor Hotels & Industries announces change in company secretary
Dec 17,2016

Royale Manor Hotels & Industries announced that the Board of Directors of the Company at its meeting held on 17 December 2016, has transacted the following;

1. Acceptance the resignation of Jainam Bagadiya from the post of Company Secretary of the Company.

2. Appointment of Krishna Ashara as a Company Secretary and Compliance Officer of the Company.

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Board of Luminaire Technologies accepts resignation of directors
Dec 17,2016

Luminaire Technologies announced that the Board of Directors of the Company at its meeting held on 17 December 2016, inter alia, has discussed and approved the following -

1. Anshuman Mohan Gupta, Director of the Company has resigned as Director and from the directorship of the Company and shall vacate his office from close of the business hours on 17 December 2016 at 1.00 p.m. and approved as under.

2. Sapna Gupta, Director of the Company has resigned as Director and from the directorship of the Company and shall vacate his office from close of the business hours on 17 December 2016 at 1.00 p.m. and approved as under.

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Tube Investments of India allots equity shares
Dec 17,2016

Tube Investments of India has on 17 December 2016 allotted 27,248 equity shares of Rs. 2/- each under ESOS 2007. After the allotment, the number of equity shares outstanding has increased to 18,74,37,871 and the paid up equity share capital is Rs 37.48 crore.

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Bodal Chemicals provides update on scheme of amalgamation
Dec 17,2016

Bodal Chemicals announced that the Company has received the certified copy of oral order for approving the Scheme of Amalgamation from Honble High Court of Gujarat.

Furthermore, upon the scheme becoming effective, the transferor company i.e. Bodal Agrotech shall stand dissolved without winding up. Hence, Bodal Chemicals will not submit consolidated financial results henceforth as after this amalgamation, the Company will not have any subsidiary/ associate or JV company.

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MPS Infotecnics enters into agreement with ANI Technologies (OLA)
Dec 17,2016

MPS Infotecnics announced that the Company has entered into an agreement with ANI Technologies (OLA) for booking of OLA Cabs through its UVA Point dealer network.

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Board of Tirupati Industries (India) approves change in directorate
Dec 17,2016

Tirupati Industries (India) announced that the Board of Directors of the Company at its meeting held on 17 December 2016, inter alia, has approved:

1. Resignation of H. M. Jhaveri from the position of Managing Director and Director of the Company with immediate effect.

2. Appointment of K.F. Karani as Additional Director on the Board of the Company with immediate effect.

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Board of Foods & Inns approves private placement of warrants and equity shares
Dec 17,2016

Foods & Inns announced that the Board of Directors of the Company at its meeting held on 17 December 2016 decided the following -

To raise capital by way of -

i) conversion of loan into equity and issue of upto 40000 equity shares on private placement basis.

ii) further issue of 36000 warrants on private placement basis.

iii) further issue of 16500 equity shares on private placement basis.

Approved draft notice of EGM.

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Commercial Syn Bags to set up solar power generation system for captive consumption
Dec 17,2016

Commercial Syn Bags announced that the Company has placed a Purchase Order with Ujaas Energy, Indore on 16 December 2016 for purchase of 1.0 MW (1.2 MW peak (p)) Solar Power Generating System which will be installed at land to be acquired by the Company at Ujaas Solar Park (Sitamau, Madhya Pradesh). The electricity generated through Solar Power Generating System will be used as captive consumption for Companys Manufacturing Units situated at Pithampur (MP).

Further, the cost of project is estimated to be Rs. 6 crore (approx) which will be funded from bank loan and own sources.

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ABC India announces resignation of director
Dec 17,2016

ABC India announced that Rajyavardhan Kajaria, Director of the Company has resigned from the Board of Directors of the Company with effect from 17 December 2016 due to his personal reasons.

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Board of Gayatri Projects to consider sub-division of equity shares
Dec 17,2016

Gayatri Projects announced that the meeting of the Board of Directors of the Company is scheduled to be held on 26 December 2016, inter alia, to transact the following business:

1. To consider and approve the sub-division of the nominal value of the equity shares of Rs. 10/- per share to Rs. 2/- per share and Alteration of Memorandum and Articles of Association of the Company to reflect the same in line with the provisions of the Companies Act, 2013.

2. To approve the notice of postal ballot for seeking approval of the members for business specified in the item no.1.

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GRUH Finance allots equity shares
Dec 17,2016

GRUH Finance announced that the Company has on 16 December 2016, allotted 8,910 equity shares of Rs. 2/- each pursuant to exercise of stock options by employees.

Post the above allotment, the paid-up equity share capital of the Company would stand at Rs. 72,78,61,556 consisting 36,39,30,778 equity shares of Rs. 2 each.

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JHS Svendgaard Laboratories to hold EGM
Dec 17,2016

JHS Svendgaard Laboratories announced that the Extra Ordinary General Meeting (EGM) of the Company will be held on 10 January 2017.

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Board of Exdon Trading Company considers directors appointment
Dec 17,2016

Exdon Trading Company announced that the Board of Directors of the Company at its meeting held on 17 December 2016, inter alia, has considered the following:

- To appoint Pallavi Acharya as additional Director of the Company w.e.f. 17 December 2016.

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Outcome of board meeting of Polyspin Exports
Dec 17,2016

Polyspin Exports announced that the Board of Directors of the company at its meeting held on 17 December 2016 resolved to place on record the cessation of Directorship of S Renganathan who expired on 21 November 2016.

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Swastika Investsmart incorporates subsidiary - SWASTIKA INVESTMART (IFSC)
Dec 17,2016

Swastika Investsmart announced that Board of Directors of the Company in their meeting duly held on 11 November 2016, has decided to form a wholly owned subsidiary in the name and style of SWASTIKA INVESTMART (IFSC) which was duly incorporated on 15 December 2016.

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