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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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Superspace Infrastructure to hold board meeting
May 26,2017

Superspace Infrastructure will hold a meeting of the Board of Directors of the Company on 30 May 2017, to consider, approve and take on record the Audited Financial Results for the quarter and Financial Year ended 31st March, 2017.

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Interlink Petroleum to hold board meeting
May 26,2017

Interlink Petroleum will hold a meeting of the Board of Directors of the Company on 30 May 2017, to consider, approve and take on record the Audited Financial Results for the quarter and Financial Year ended 31st March, 2017, and other allied matters.

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FICCI calls for Strong Blue Economy Ties with Pacific Island Nations
May 26,2017

India engages with the Pacific Island Countries on a wide range of issues including climate change. Forum for India Pacific Islands Co-operation (FIPIC) was formed in November 2014, to strengthen Indias relationship with the Pacific Island Countries. The first FIPIC summit was held at the level of Heads of Government in November 2014 in Suva, Fiji, followed by the FIPIC-II summit held in August 2015, in Jaipur, India.

Blue Economy has increasingly occupied a central place in international discourse on oceanic affairs.

n++Blue Economy needs to secure sustainable management and protection of marine and coastal ecosystems, while achieving inclusive economic growthn++, said Ambassador Anup Mudgal, Member, FICCI Task Force on Blue Economy & Former Indian High Commissioner to Mauritius.

There is a need for these island nations a balanced approach, combining imperatives for growth and sustainability. The focus of the sessions would be to stress on the value of Public-Private Partnership for generating additional investment, deploying technology for optimal development of Blue Economic opportunities for India Inc and its international partners and capacity building including MSME development, education and a skills repository.

Following Honble PM Shri Narendra Modis policy initiative SAGAR - Security and Growth for All in the Region, FICCI has created a Special Task Force on Blue Economy to explore Indias business engagement with ocean neighbours.

The Task Force has had several stakeholder consultations throughout India especially coastal areas to understand the economic potential of Blue Economy.

The potential for economic ties with FIPIC will be explored during

FICCI will sign a Memorandum of Understanding (MoU) with Pacific Islands Development Forum (PIDF). PIDF is Pacifics first and truly representative and participatory platform with a mission to enable Green-Blue Pacific economies through inclusive strategies, multi-stakeholder governance, and genuine partnerships. The MoU aims to strengthen Indias economic and strategic engagement with the Pacific Islands countries and promote trade and investment relations, exchange of information, cooperate in identifying and discussing areas with export/import potential amongst many others.

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Rishi Laser will hold a meeting of the Board of Directors of the Company on 30 May 2017.

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Royale Manor Hotels & Industries will hold a meeting of the Board of Directors of the Company on 29 May 2017.

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