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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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Thomas Cook may gain after subsidiary subscribes stake in JV
Jun 21,2017

Thomas Cook (India) said that Travel Corporation (India) Limited, wholly owned subsidiary of the company, intimated that it has successfully subscribed to 49% of equity share capital of TCI-Go Vacation India Private Limited, a joint venture Company with DER Touristik Group. The announcement was made after market hours yesterday, 20 June 2017.

Tech Mahindra said that one of the companys step down subsidiary, LCC Middle East FZ LLC agreed to sell its 100% shareholding in LCC Pakistan (Pvt) Ltd. to Talkpool AG, Switzerland. The announcement was made before market hours today, 21 June 2017.

ICICI Bank announced that the Committee of Executive Directors of the Bank at its meeting held on 20 June 2017 has approved the proposal for fund raising by way of issuance of senior unsecured long term bonds in the nature of debentures in single/multiple tranches on private placement basis. The announcement was made after market hours yesterday, 20 June 2017.

Kirloskar Oil Engines said that, the board of directors in its meeting held on 19 June 2017, had approved the proposal for acquisition of 100% equity shares of La-Gajjar Machineries Private Limited (LGM). This is subject to signing of definitive agreements. The announcement was made after market hours yesterday, 20 June 2017.

Somany Ceramics said that the company has issued commercial paper of Rs 40 crore value dated 20th June 2017 having maturity on 15th September, 2017. The issuance of commercial paper is to reduce high interest bearing cash credit limits and in turn reducing cost of borrowing. The announcement was made after market hours yesterday, 20 June 2017.

Capital First that the meeting of the debenture committee of the board of directors of the company will be held on 23 June 2017 to consider and approve the private placement of rated, listed, secured/ unsecured/ perpetual, redeemable non-convertible securities in the nature of debentures. The announcement was made after market hours yesterday, 20 June 2017.

JK Paper said that India Ratings and Research (Ind-Ra), has upgraded JK Papers (JKPL) Long-Term Issuer Rating to IND A- from IND BBB+, the outlook is positive and Short-term Issuer Rating to IND A1 from IND A2+. The announcement was made after market hours yesterday, 20 June 2017.

NHPC said that company has awarded EPC contract for the development of 50 megawatts (MW) Solar Power project in Tamil Nadu to L&T for an amount of Rs 287.48 crore. The project is slated to complete in 9 months. The announcement was made after market hours yesterday, 20 June 2017.

Glenmark Pharmaceuticals has entered into a licensing agreement with Boston-based APC Therapeutics Inc., a biopharmaceutical company focused on building a portfolio of best-in-class immuno-oncology (IO) therapies, for exclusive rights to a small molecule, oncology compound based on Antigen Presenting Cell (APC) biology. The compound has the potential to be used as a monotherapy or in combination with approved therapies to address unmet needs in cancer treatment. The announcement was made before market hours today, 21 June 2017.

Under the terms of the agreement, Glenmark will license the product from APC Therapeutics, and manage all clinical development including regulatory filings and commercialization worldwide. APC Therapeutics will receive development milestones and sales royalty payments.

ALTBalaji has integrated with JioMoney, the mobile wallet from Reliance Payment Solutions to provide digital transaction experience to its subscribers. The integration will enable easy and hassel-free subscription payments for ALTBalajis customers. The announcement was made after market hours yesterday, 20 June 2017.

SEAMEC announced that upon completion of contract with Kreuz Subsea Technologies, the company has entered into a contract for charter hire of vessel SEAMEC III with L&T Hydrocarbon Engineering for undertaking a job in Mumbai High. The tenure of the contract is for a period of 7 days with option for extension. The contract will commence from around 22 June 2017. The announcement was made after market hours yesterday, 20 June 2017.

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Glenmark Pharmaceuticals enters into licensing agreement with APC Therapeutics
Jun 21,2017

Glenmark Pharmaceuticals has entered into a licensing agreement with Boston-based APC Therapeutics Inc., a biopharmaceutical company focused on building a portfolio of best-in-class immuno-oncology (IO)therapies, for exclusive rights to a small molecule, oncology compound based on Antigen Presenting Cell (APC) biology. The compound has the potential to be used as a monotherapy or in combination with approved therapies to address unmet needs in cancer treatment.

Under the terms of the agreement, Glenmark will license the product from APC Therapeutics, and manage all clinical development including regulatory filings and commercialization worldwide. APC Therapeutics will receive development milestones and sales royalty payments.

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ALTBalaji integrates JioMoney as a payments platform
Jun 20,2017

ALTBalaji has integrated with JioMoney, the mobile wallet from Reliance Payment Solutions to provide digital transaction experience to its subscribers. The integration will enable easy and hassel-free subscription payments for ALTBalajis customers.

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Board of Kirloskar Oil Engines approves acquisition of La-Gajjar Machineries
Jun 20,2017

The Board of Directors of Kirloskar Oil Engines at its meeting held on 19 June 2017 approved the proposal for acquisition of 100% equity shares of La-Gajjar Machineries (LGM). This is subject to signing of Definitive agreements.

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Indiabulls Ventures allots 17,58,600 equity shares
Jun 20,2017

Indiabulls Ventures has allotted 17,58,600 equity shares under ESOP. Consequent to the said allotment, the paid-up Equity share capital of the Company stands increased to Rs. 88,47,82,004/- divided into 44,23,91,002 Equity shares of face value Rs. 2/- each.

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Thomas Cook (India) provides update on subsidiary - Travel Corporation (India)
Jun 20,2017

Thomas Cook (India) announced that on 20 June 2017 it has received an intimation from Travel Corporation (India), wholly owned subsidiary of the Company, intimating that it has successfully subscribed to 49% of equity share capital of TCI-Go Vacation India , a joint venture Company with DER Touristik Group.

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Adinath Exim Resources allots convertible warrants to Promoter Group
Jun 20,2017

Adinath Exim Resources has allotted 215,000 convertible warrants of Rs 26 each to be converted into equivalent number of equity shares of Rs. 10 each at a premium of Rs 16 per share to Shantilal savla Family Trust, Promoter Group, in terms of the Special Resolution passed at the Annual General Meeting of the Company held on 12 June 2017.

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Sam Industries announces resignation of director
Jun 20,2017

Sam Industries announced the resignation of Santosh Munchal from the post of Independent Director on 20 June 2018.

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Thacker & Company allots 3,00,069 equity shares
Jun 20,2017

Thacker & Company has allotted 3,00,069 bonus shares of face value of Re 1 each on 20 June 2017. With this allotment, the equity share capital of the Company has increased to Rs 10.88 lakh comprising of 10,88,169 equity shares of Re 1 each.

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Board of Magma Fincorp approves scheme of merger
Jun 20,2017

The Board of Directors of Magma Fincorp at its meeting held on 20 June 2017 has considered and approved the Scheme of Merger of Magma Advisory Services (wholly owned subsidiary) with Magma Fincorp.

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Piramal Enterprises to issue NCDs aggregating Rs 1100 cr
Jun 20,2017

Piramal Enterprises announced that the Administrative Committee of Board of Directors of the Company at its meeting held on 20 June 2017 has approved the issue of secured Non Convertible Debentures on private placement basis upto Rs 600 crore with an option to retain over subscription of Rs 500 crore, aggregating the total issue size to Rs 1100 crore.

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Infra Industries announces resignation of company secretary
Jun 20,2017

Infra Industries announced the resignation of Pooja K. Gandhi from the post of Company Secretary and Compliance officer of the Company with effect from 20 June 2017.

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Board of Mangal Credit & Fincorp approves change in directorate
Jun 20,2017

Mangal Credit & Fincorp announced that the Board of Directors of the Company at its meeting held on 20 June 2017 has approved the appointment of Gurumurthy Ramchandran as Additional Director and resignation of Sunil Ramchandran Nair, Neeta Maloo and Nirupama Duttatray.

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Max India allots 1,93,84,854 convertible warrants
Jun 20,2017

Max India has allotted 1,93,84,854 convertible warrants to Mohair Investment and Trading Company (Promoter Group Company) on receipt of Rs. 75 crore, being the 25%of the warrant subscription amount (Upfront Warrant Subscription Amount) in terms of Regulation 77 of the SEBI (Issue of Capital and Disclosure Requirements) Regulations, 2009.

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Board of ICICI Bank approves fund raising via issue of long term bonds
Jun 20,2017

ICICI Bank announced that the Committee of Executive Directors of the Bank at its meeting held on 20 June 2017 has approved the proposal for fund raising by way of issuance of senior unsecured long term bonds in the nature of debentures in single/multiple tranches on private placement basis.

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