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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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North Eastern Carrying Corp. to conduct board meeting
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Gujarat Mineral Development Corpn. to conduct board meeting
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RTS Power Corporation announced that the Annual General Meeting (AGM) of the company will be held on 11 September 2017.

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Moongipa Securities will hold a meeting of the Board of Directors of the Company on 14 August 2017.

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Tiaan Ayurvedic & Herbs will hold a meeting of the Board of Directors of the Company on 10 August 2017, to Consider & Approve the Un-audited Quarterly Financial Results of the Company for the Quarter ended 30th June, 2017.

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Sundaram Multi Pap to table results
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Sundaram Multi Pap will hold a meeting of the Board of Directors of the Company on 8 August 2017.

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Punj Lloyd to declare Quarterly Result
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Punj Lloyd will hold a meeting of the Board of Directors of the Company on 12 August 2017, to consider and approve the Standalone Un-audited Financial Results for the quarter ended 30th June, 2017.

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Aug 02,2017

Syschem (India) will hold a meeting of the Board of Directors of the Company on 5 August 2017, to approve allotment of 3,00,000 Equity Shares of Rs. 10/- each at a premium of Rs. 1.50 each on Preferential Basis

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Moongipa Capital Finance to hold board meeting
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Moongipa Capital Finance will hold a meeting of the Board of Directors of the Company on 14 August 2017.

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Outcome of board meeting of Dilip Buildcon
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The Board of Dilip Buildcon at its meeting held on 02 August 2017 has transacted the following -

Approved appointment of Vijay Chhibber as an Independent Director of the company.

Approved enhancement of borrowing limit upto Rs 11000 crore.

Approved enhancement of mortgage and charge on properties up to Rs 11000 crore.

Approves change in utilisation of IPO proceeds of Rs 26.03 lakh.

Approved proposal for sale of investment either partly or wholly in 23 wholly owned subsidiaries.

Approved issuance of NCDs up to Rs 1000 crore on private placement basis.

Approved issuance of Commercial paper upto Rs 1000 crore on private placement basis.

Decided to hold AGM on 11 September 2017.

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VXL Instruments will hold a meeting of the Board of Directors of the Company on 10 August 2017 Quarterly Results

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AAR Commercial Company to convene board meeting
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AAR Commercial Company will hold a meeting of the Board of Directors of the Company on 11 August 2017, to consider and approve the Unaudited Financial Results of the Company for the Quarter ended 30th June, 2017.

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