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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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Cabinet approves proposal to establish Indian Agricultural Institute (IARI) in Assam
May 17,2017

The Cabinet Committee approved the proposal of DARE/ICAR scheme of the establishment of the Indian Agricultural Institute (IARI)- Assam with hundred percent outlay of central government on 587 acres of land provided by the government of Assam. Also, the proposal for 98 positions has been approved.

Agriculture and Farmers Welfare Minister, Shri Radha Mohan Singh said that IARI-Assam would be a Post-Graduate Institute of higher learning in Agricultural Education and it will have all the hallmark identities of IARI in New Delhi including all sectors of agriculture like field crops, horticulture crops, agroforestry, animal husbandry, fisheries, poultry, piggery, silk rearing, honey production, etc.

Shri Singh informed that IARI-Assam would work on the agrarian challenges and complexities of North Eastern India in coordination with all existing central and state government R&D Institutions and private sector enterprises for undertaking research, education, extension programs in its mission towards developing quality human resource, generation of farmer-friendly technologies to enhance productivity, quality, profitability, promote agro-based industries and generate employment opportunities for holistic and sustainable development of the agriculture sector in the North Eastern region. It will be an off campus of IARI, New Delhi and integrated multi-disciplinary research would be undertaken in school mode i.e. Schools of Crop Sciences, Natural Resource Management, and Animal Sciences & Fisheries.

Union Agriculture Minister said that after coming to the power, our Prime Minister Narendra Modiji had announced that for the growth of agriculture sector in the northeastern region, an IARI will be established in Assam. Six months ago, the State Government provided land for the project. Now, with the cabinets approval, the route is clear for this project.

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Brigade Enterprises to hold board meeting
May 17,2017

Brigade Enterprises will hold a meeting of the Board of Directors of the Company on 22 May 2017, to consider standalone and consolidated audited financial results for the fourth quarter and year ended March 31, 2017, and also consider recommendation of dividend, if any, for the financial year ended March 31, 2017.

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Jindal Leasefin to hold board meeting
May 17,2017

Jindal Leasefin will hold a meeting of the Board of Directors of the Company on 22 May 2017, to consider various agenda items which inter alia includes , to consider, approve and take on record the Audited Financial Results of the Company for the quarter and year ended March 31st, 2017.

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Moschip Semiconductor Technology to hold board meeting
May 17,2017

Moschip Semiconductor Technology will hold a meeting of the Board of Directors of the Company on 22 May 2017, to consider and to take on record, interalia, the audited financial results of the company for the quarter & Financial year ended 31st March, 2017.

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Den Networks to hold board meeting
May 17,2017

Den Networks will hold a meeting of the Board of Directors of the Company on 22 May 2017, to consider and approve Audited Financial Results of the Company for the quarter and financial year ended March 31, 2017.

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Mac Charles (India) to hold board meeting
May 17,2017

Mac Charles (India) will hold a meeting of the Board of Directors of the Company on 19 May 2017, to consider among others, the unaudited Financial Results (Provisional) for the quarter ended 31st March 2017.

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JHS Svendgaard Laboratories to hold board meeting
May 17,2017

JHS Svendgaard Laboratories will hold a meeting of the Board of Directors of the Company on 23 May 2017, to inter-alia, consider, approve and take on record the Audited financial results of the Company for the fourth quarter and year ended 31st March, 2017.

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Charms Industries to hold board meeting
May 17,2017

Charms Industries will hold a meeting of the Board of Directors of the Company on 22 May 2017, to consider and approve the Audited financial results of the Company for the quarter and year ended 31st March 2017, and also consider and approve re-appointment of Secretarial Auditor and Internal Auditors of the Company, and to take note of disclosure of interest received from the directors of the company in form MBP-1 of the company, and any other item with the permission of the Chair and majority of Directors.

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MFL India to hold board meeting
May 17,2017

MFL India will hold a meeting of the Board of Directors of the Company on 22 May 2017, to take in, to consideration and approve the Audited Financial Results for the year ended on March 31, 2017 and , to consider and approve any other matter as may be decided by the Board.

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Inventure Growth & Securities to hold board meeting
May 17,2017

Inventure Growth & Securities will hold a meeting of the Board of Directors of the Company on 22 May 2017, to consider and approve the Audited financial results of the Company for the quarter and year ended 31st March 2017.

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Best Steel Logistics to hold board meeting
May 17,2017

Best Steel Logistics will hold a meeting of the Board of Directors of the Company on 23 May 2017, to consider and approve the Audited financial results of the Company for the quarter and year ended 31st March 2017, and also consider and approve Appointment of Company Secretary of the Company.

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Acil Cotton Industries to hold board meeting
May 17,2017

Acil Cotton Industries will hold a meeting of the Board of Directors of the Company on 26 May 2017, to consider and approve the Audited financial results of the Company for the quarter and year ended 31st March 2017.

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Fast Track Entertainment to hold board meeting
May 17,2017

Fast Track Entertainment will hold a meeting of the Board of Directors of the Company on 26 May 2017, to consider and approve the Audited financial results of the Company for the quarter and year ended 31st March 2017.

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Euro Asia Exports to hold board meeting
May 17,2017

Euro Asia Exports will hold a meeting of the Board of Directors of the Company on 23 May 2017, to consider and approve the Audited financial results of the Company for the quarter and year ended 31st March 2017.

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Central Bank of India to hold board meeting
May 17,2017

Central Bank of India will hold a meeting of the Board of Directors of the Company on 23 May 2017, to consider and take on record audited consolidated financial results of the Bank for the financial year ended 31st March 2017.

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