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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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RBL Bank to hold EGM
Dec 23,2016

RBL Bank announced that the Extra Ordinary General Meeting (EGM) of the Company will be held on 17 January 2017.

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RBL Bank to hold EGM
Dec 23,2016

RBL Bank announced that the Extra Ordinary General Meeting (EGM) of the Company will be held on 17 January 2017.

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Rabi crops sowing crosses 554 lakh hectares
Dec 23,2016

As per preliminary reports received from the States, the total area sown under Rabi crops as on 23 December 2016 stands at 554.91 lakh hectares as compared to 523.40 lakh hectare this time in 2015.

Wheat has been sown/transplanted in 278.62 lakh hectares as on 23 December, showing increase from 259.37 lakh hectares last year. The area under rice crop has shown decline to 9.33 lakh hectares from 13.27 lakh hectares last year.

The pulses crop area was higher at 138.25 lakh hectares compared with 125.73 lakh hectares same time last year.

The area under coarse cereals crop was lower at 50.63 lakh hectares compared with 54.91 lakh hectares last year, while area sown under oilseeds moved up to 78.08 lakh hectares from 70.12 lakh hectares last year.

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Rupee Gains
Dec 23,2016

Rupee gained on Friday (23 December 2016) to close at 67.8138/8290 per dollar, versus its previous close of 67.9697/9850 per dollar.

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Media Matrix Worldwide provides update on wholly owned subsidiary
Dec 23,2016

Media Matrix Worldwide announced that nexG Devices (nexG), a Wholly owned subsidiary of the Company has become subsidiary of the Company w.e.f. 23 December 2016 pursuant to preferential allotment made by the nexG to other Investor. Subsequent to aforesaid preferential allotment, the holding of the Company in nexG has been reduced from 100% to 51.02%.

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Rashtriya Chemicals & Fertilizers issues Commercial Paper aggregating Rs 150 cr
Dec 23,2016

Rashtriya Chemicals & Fertilizers announced that in terms of the guidelines issued by the Reserve Bank of India, the Company has issued Commercial Paper for Rs.150 crore on 23 December, 2016, in favour of HDFC Bank, having maturity date as 23 March 2017.

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Asahi Songwon Colors provides update on Promoter Company
Dec 23,2016

Asahi Songwon Colors announced that a Promoter Company Chelsea Marketing has been converted into Chelsea Marketing LLP, which was approved by the Registrar of Companies, Ahmedabad, Gujarat with effect from 23 November 2016. However, there is no change in the Shareholding Pattern of the Promoter LLP in the Company.

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RBI All-India House Price Index (HPI) up 8.1% yoy in Q2FY17
Dec 23,2016

The Reserve Bank of India today released the quarterly House Price Index (HPI) for Q2FY17 for All-India and 10 major cities (Mumbai, Delhi, Chennai, Kolkata, Bengaluru, Lucknow, Ahmedabad, Jaipur, Kanpur and Kochi).

All-India HPI (base 2010-11=100) has sequentially increased by 2.0% to 235.8 in Q2FY17 from 231.1 in Q1FY17.

Annual increase in All-India HPI stood at 8.1% in Q2FY17 which remained lower than 13.0% growth recorded a year ago. However, it recorded a slightly higher growth compared to Q1FY17.

On an annual basis, Chennai witnessed maximum increase of 18.0% in Q2FY17; whereas Jaipur witnessed maximum contraction (-6.3%).

On a sequential basis (i.e., Q2FY17 over Q1FY17), Delhi recorded highest HPI increase of 4.5%; whereas Kanpur recorded the maximum contraction of -4.6%.

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Jyoti Resins and Adhesives director resigns
Dec 23,2016

Jyoti Resins and Adhesives has received a resignation letter dated 23 December 2016 from Kalpesh Rasikbhai Patel a Non Executive Independent Director resigning from the directorship of the Company with effect from 23 December 2016 due to unavoidable circumstances.

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Pan India Corporation announces change in registered office
Dec 23,2016

Pan India Corporation announced that the registered office of the Company shifted from 1111, 11th Floor, New Delhi House 27, Barakhamba Road, New Delhi-110001 to 711, 7th Floor, New Delhi House 27, Barakhamba Road; New Delhi-110001.

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Jyoti Resins and Adhesives announces resignation of director
Dec 23,2016

Jyoti Resins and Adhesives announced that the Company has received a resignation letter dated 23 December 2016 from Harshad Govindbhai Patel a Non Executive Independent Director resigning from the directorship of the Company with effect from 23 December 2016 due to unavoidable circumstances.

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Board of Mold-Tek Technologies approves merger of subsidiaries
Dec 23,2016

Mold-Tek Technologies announced that the Board of Directors of the Company at its meeting held on 23 December 2016 approved the merger of two wholly owned subsidiaries RMM Global Inc. (surviving entity) and Crossroad Detailing Inc.

Post merger, RMM Global shall be renamed Mold-Tek Technologies, Inc.

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Board of BLB to consider restructuring of company and subsidiaries
Dec 23,2016

BLB announced that the Meeting of Board of Directors of the Company is scheduled to be held on 27 December 2016, inter alia, to discuss, consider and approve the following:

1. Withdrawal of the Scheme of Merger and Amalgamation of Manu Properties with the Company.

2. Withdrawal of Voluntary Delisting application from BSE.

3. The proposal to appoint Consultant for the purpose of Restructuring of the Company and its subsidiaries.

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Board of Apis India decides to invest in JV company in Dubai
Dec 23,2016

Apis India announced that the Board of Directors of the Company at its meeting held on 23 December 2016 has taken the following decisions -

To invest an amount not exceeding Rs 30 crore in Dubai, UAE.

To invest in JV company namely - Apis Pure Company for Food Stuff Trading situated at Dubai, UAE.

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Dhanuka Commercial announces resignation of CFO
Dec 23,2016

Dhanuka Commercial announced that Vinod Kumar Aggarwal, Chief Financial Officer (CFO) of the Company has tendered his resignation from the Post of Chief Financial Officer (CFO) of the Company with effect from closure of Business hours of 26 December 2016.

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