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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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Sanathnagar Enterprises appoints director
Feb 07,2017

Sanathnagar Enterprises announced that Vinod Shah has been appointed as an Additional Director (in the category of Independent Director) of the Company with effect from 07 February 2017.

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Mandhana Industries gets revision in credit ratings for NCDs
Feb 07,2017

Mandhana Industries announced that CARE has revised its rating for Non - Convertible Debentures issue by the Company from CARE C to CARE D.

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National Standard (India) appoints CEO
Feb 07,2017

National Standard (India) announced that Samujjwal Ghosh has being appointed as new CEO of the Company with effect from 07 February 2017.

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Sundaram Clayton announces change in CEO
Feb 07,2017

Sundaram Clayton announced that M Muthuraj has been appointed as the Chief Executive Officer of the Company in place of C N Prasad, effective 07 February 2017.

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Perfectpac appoints company secretary and compliance officer
Feb 07,2017

Perfectpac announced that Preeti is appointed as Company Secretary & Compliance Officer of the Company w.e.f. 07 February 2017.

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IL&FS Engineering & Construction Co gets reaffirmation of ratings for bank facilities
Feb 07,2017

IL&FS Engineering & Construction Co announced that CARE has reaffirmed the credit rating of the Company for Long / Short Term Bank Facilities aggregating Rs 2393.56 crore.

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S.V. Trading & Agencies enters into marketing agreement with Montage Enterprises
Feb 07,2017

S.V. Trading & Agencies announced that the Company has entered into a marketing agreement with Montage Enterprises, a Company engaged in the business, of manufacturing and providing packaging products & solutions and having its registered office at New Delhi, to promote and market their products across different location within India.

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ICICI Bank allots 364100 equity shares
Feb 07,2017

ICICI Bank has allotted 364,100 equity shares of face value of Rs. 2/- each on 06 February 2017 under the Employees Stock Option Scheme, 2000 (ESOS).

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Nitesh Estates announces resignation of CEO
Feb 07,2017

Nitesh Estates announced that Ashok Aram, Independent Director of the Company has moved to Frankfurt, Germany, as Chief Executive Officer of Deutsche Bank European Operations. In view of the geographical move, he has expressed his inability to continue on the Board of the Company, has elected to resign from the Board of the Company. However, he will be extending his support to the Company as Advisor.

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Hipolin announces appointment of director
Feb 07,2017

Hipolin announced that Nirav Dineshbhai Shah has been appointed as an Additional Director (Independent) of the Company, till the ensuing General Meeting, with effect from 07 February 2017 and approved the same in the meeting of Board of Directors held on 07 February 2017.

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Engineers India announces change in directorate
Feb 07,2017

Engineers India announced that the Ministry of Petroleum & Natural Gas, Government of India vide its letter dated 31 January 2017 (received on 07 February 2017) has communicated that the Competent Authority has approved the proposal for entrusting the additional charge of the post of Director (Projects), Engineers India to Sanjay Gupta, Chairman & Managing Director, Engineers India, for a period of three months from 01 January 2017 to 31 March 2017 or till the appointment of a regular incumbent to the post or until further orders, whichever is the earliest.

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NHPC announces appointment of director
Feb 07,2017

NHPC announced that as per Ministry of Power vide its order dated 01 February 2017 has appointed Nikhil Kumar Jain as Director (Personnel) on the Board of NHPC for a period of five years with effect from date of assumption of charges of the post, on or after 01 February 2017, or till the date of superannuation, or until further orders, whichever is the earliest. Accordingly the Board of Directors in its meeting held on 07 February 2017 has noted and confirmed the appointment of Nikhil Kumar Jain as Director (Personnel) on the Board of the Company with effect from 07 February 2017.

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Rico Auto Industries announces resignation of CFO
Feb 07,2017

Rico Auto Industries announced that Sanjay Syal, Chief Financial Officer of the Company has resigned from his office with immediate effect from the close of the office hours on 07 February 2017. His resignation has been accepted with the same date. He also ceases to be whole time KMP of the Company from the said date.

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Board of Accelya Kale Solutions declares interim dividend
Feb 07,2017

Accelya Kale Solutions announced that the Board of Directors at its meeting held on 07 February 2017 has declared an interim dividend of Rs. 11/- per share.

The dividend pay-out date is 27 February 2017.

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Accelya Kale Solutions fixes record date for interim dividend
Feb 07,2017

Accelya Kale Solutions has fixed 17 February 2017, as the Record Date for the purpose of interim dividend.

The dividend pay-out date is 27 February 2017.

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