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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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Board of Tarai Foods appoints director
Feb 14,2017

Tarai Foods announced that the Board of Directors in their meeting held on 14 February 2017 appointed Ganesh Kumar as an Additional director (Independent) of the Company for a term of Five years upto 13 February 2022 which shall be subject to approval of Shareholders in ensuing General Meeting.

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Bharat Electronics launches Remote Controlled Weapon Station for MBT Arjun Mk II
Feb 14,2017

Bharat Electronics has unveiled a new Weapon Control system n++ Remote Controlled Weapon Station (RCWS)/Air Defence Weapon Station (ADWS) for 12.7 mm Gun of MBT Arjun Mk II battle tank, at Aero India 2017 on 14 February 2017.

The RCWS is an improvised version of the manually operated air defence gun. It enables the soldier to aim and fire at aerial targets from the safe interiors of the battle tank. Presently, the 12.7 mm guns of all tanks are manually operated. RCWS integrated on MBT Mk II has successfully completed tank integration and firing trials in September 2015. RCWS has also been developed for use in Armed Repair and Recovery Vehicle(ARRV). It can also be mounted on hovercraft / fast moving boats for the Coast Guard.

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Quess Corp completes acquisition of 64% stake in Comtel Solutions
Feb 14,2017

Quess Corp has completed the acquisition of 64% equity of Comtel Solutions, on 14 February 2017.

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IMP Powers provides business update
Feb 14,2017

IMP Powers has successfully conducted Dynamic Short Circuit test on 160 MVA, 220/66 KV Power Transformer in 1st attempt for its esteemed customer HVPNL. This testing is for one of the highest ratings transformers done by CPRI Bangalore within India.

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KDDL acquires additional 50% in JV Satva Jewellery and Design
Feb 14,2017

KDDL has acquired 50% equity holding from Joint Venture Partner in Satva Jewellery and Design. With this acquisition, the Satva Jewellery and Designs has become wholly owned subsidiary of the Company.

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Nimbus Foods Industries announces change in CFO
Feb 14,2017

Nimbus Foods Industries announced that the meeting of the Board of Directors of the Company was held on 14 February 2017 wherein resignation of Jay Prakash Verma from the post of Chief Financial Officer of the Company was approved.

Further, the Board of directors has also appointed Pushpendra Singh Chauhan as Chief Financial Officer of the Company.

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Vakrangee launches Mobile Aadhaar Van Service
Feb 14,2017

Vakrangee along with Union Bank of India (UBI) and UIDAI has launched a fully equipped Mobile Aadhaar Van Service, to provide user-friendly facilitation of Aadhaar Enrollment, Updation and Printing services, for Senior and Physically challenged residents.

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Power Mech Projects secures new work orders
Feb 14,2017

Power Mech Projects has received Letter of Intent / Work order for four projects aggregating Rs 475.86 crore.

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Prabhat Dairy director resigns
Feb 14,2017

Prabhat Dairy announced that Omprakash Venkatswamy Bundellu, an Independent Director of the Company has resigned from the directorship of the Company with effect from 13 February 2017.

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Spectra Industries appoints company secretary and compliance officer
Feb 14,2017

Spectra Industries announced that Ruchita Prafullkumar Shah is appointed as Company Secretary and Compliance Officer of the Company with effect from 14 February 2017.

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Uniworth Securities to acquire shares of 5 companies
Feb 14,2017

Uniworth Securities announced that the Board of Directors of the Company at its meeting held on 13 February 2017 has approved the purchase of shares of the following companies for purpose of making them same as wholly owned subsidiaries.

Indoworth Yarns, Indoworth Services, Indoworth Power, Indoworth Fabrics (Raipur) and Indoworth Fabrics (Nagpur).

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ITC allots 43,09,540 ordinary shares
Feb 14,2017

ITC announced that the Company on 14 February 2017 issued and allotted 43,09,540 Ordinary Shares of Rs. 1/- each, upon exercise of 4,30,954 Options by Optionees under the Companys Employee Stock Option Schemes.

Consequently, the Issued and Subscribed Share Capital of the Company stands increased to Rs. 1213,04,24,001/- divided into 1213,04,24,001 Ordinary Shares of Rs. 1/- each.

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Strides Shasun allots 4311 equity shares
Feb 14,2017

Strides Shasun has allotted 4,311 fully paid equity shares of Rs.10/-each under the Strides Arcolab ESOP 2015 Scheme of the Company on 11 February 2017.

Consequent to the allotment, the paid up equity share capital of the Company has increased from Rs. 893,686,950/- consisting of 89,368,695 equity shares of Rs. 10/- each to Rs. 893,730,060/- consisting of 89,373,006 equity shares of Rs. 10/- each.

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Aditya Birla Fashion & Retail allots 1,13,269 equity shares
Feb 14,2017

Aditya Birla Fashion & Retail announced that pursuant to the Composite Scheme of Arrangement amongst the Company, Aditya Birla Nuvo (ABNL), Madura Garments Lifestyle Retail Company and their respective shareholders and creditors, the Company has allotted 1,13,269 Equity Shares of Rs. 10/- each (said Shares), to Non-resident (Repatriable) Shareholders of ABNL, under Lot 7, on 14 February 2017.

The said Shares rank pari passu in all respects with the existing Equity Shares of the Company.

Consequent to the above allotment, the Paid-up Equity Share Capital of the Company has increased from Rs. 7,70,38,71,210 (i.e. 77,03,87,121 Fully Paid-up Equity Shares of Rs. 10/- each) to Rs. 7,70,50,03,900 (i.e. 77,05,00,390 Fully Paid-up Equity Shares of Rs. 10/- each).

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Vippy Spinpro appoints CFO
Feb 14,2017

Vippy Spinpro announced that Hassan Ali has been appointed and assumed office as the new Chief Financial Officer of the Company with effect from 15 February 2017.

Further the Company has accepted resignation of Deepa Mekal, from Directorship of the Company w.e.f. 15 February 2017.

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