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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 PVP Ventures to consider September quarter results
Dec 02,2016

PVP Ventures announced that a meeting of the Board of Directors of the Company will be held on 12 December 2016, inter alia, to consider and approve the Unaudited financial results of the Company for the quarter and half year ended 30 September 2016.

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Australia Market falls on profit taking
Dec 02,2016

Australian share market finished session deeply in red on Friday, 02 December 2016, as a reversal of the mining rally and profit taking. With the exception of gold producers, every sector was down, with energy and financial issues leading losses on profit booking. At the closing bell, the benchmark S&P/ASX 200 index fell 56.20 points, or 1.02%, to 5444, while the broader All Ordinaries index declined 57.80 points, or 1.04%, to close at 5502.60.

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Board of Siemens to consider sale of wind power engineering, design and development business
Dec 02,2016

Siemens announced that a meeting of the Board of Directors of the Company is scheduled to be held on 05 December 2016, inter alia, to consider sale and transfer of the Companys business of engineering, design and development services for global wind power business to a related party.

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State Bank of Travancore to consider issue of AT I Bonds aggregating Rs 600 cr
Dec 02,2016

State Bank of Travancore announced that the Executive Committee of the Board of Directors of the Bank is scheduled to meet on 07 December 2016, inter alia, to consider and approve, the raising of up to Rs. 600 crore by way of issue of Basel III compliant Additional Tier I Bonds.

The issue parameters will be as decided in the meeting of the Executive Committee of the Board of Directors.

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Jumbo Bag appoints company secretary cum compliance officer
Dec 02,2016

Jumbo Bag announced that Pramod Kumar has been appointed as Company Secretary cum Compliance Officer of the Company with effect from 01 December 2016. The above said item has been approved in the Board of Directors Meeting held on 14 November 2016 itself.

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Board of Welspun Enterprises to consider September quarter and half year results
Dec 02,2016

Welspun Enterprises announced that a meeting of the Board of Directors of the Company is scheduled to be held on 09 December 2016, inter alia, to consider and approve the standalone unaudited financial statements of the Company for the quarter and half year ended 30 September 2016.

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Board of Nahar Industrial Enterprises to consider September quarter results
Dec 02,2016

Nahar Industrial Enterprises announced that a meeting of Board of Directors of the Company is scheduled to be held on 12 December 2016, inter-alia, to consider and approve Unaudited Financial Results of the Company for the Quarter ended on 30 September 2016.

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Shiva Medicare to announce FY 2016 results
Dec 02,2016

Shiva Medicare announced that the meeting of the Board of Directors of the Company will be held on 06 December 2016, inter alia, to consider the audited financial results of the Company for the financial year ending 31 March 2016, if any, amongst other matters.

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Varun Beverages announces resignation of director
Dec 02,2016

Varun Beverages announced that Udai Dhawan has resigned from the directorship of the Company w.e.f 02 December 2016 due to his pre-occupation.

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Albert David gets revision in credit ratings for bank facilities
Dec 02,2016

Albert David announced that CRISIL has revised the ratings for credit facilities availed by the Company from State Bank of India, Kolkata.

Long term rating - CRISIL A-/ Positve (Reaffirmed)
Short term rating - CRISIL A1 (Upgraded from CRISIL A2+)

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Dhunseri Petrochem announces resignation of director
Dec 02,2016

Dhunseri Petrochem has on 02 December 2016 received a letter dated 01 December 2016 from S. Mookim stating her resignation from the office of Director due to her personal reasons.

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Shreyas Shipping & Logistics announces resignation of director
Dec 02,2016

Shreyas Shipping & Logistics announced that S. Mahesh (Non-Executive Non independent Director) has tendered his resignation from the Board of Directors of the Company with effect from 01 December 2016.

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Bank of Baroda allots AT-1 Bonds aggregating Rs 1000 crore
Dec 02,2016

Bank of Baroda has issued and allotted Basel III Compliant AT-1 Bonds - Series VI of face value of Rs 10 lakh each aggregating Rs 1000 crore on private placement basis.

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Aarvee Denims & Exports announces change in CEO
Dec 02,2016

Aarvee Denims & Exports announced that Suketu Shah, Chief Executive Officer has tendered his resigned on 30 November 2016. He was relived from his duties w.e.f. close of business hours on 01 December 2016.

Further, the Company informed that Company has appointed S. Banerjee as Chief Executive officer w.e.f 01 December 2016.

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Kothari Products to announce September quarter and half year results
Dec 02,2016

Kothari Products announced that the Board of Directors of the Company will meet on 14 December 2017 to approve and take on record the Unaudited Finance Results for the quarter and half year ended 30 September 2016.

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