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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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Indian currency market closed for Holiday
Jun 26,2017

Indian currency market is closed for trading on account of public holiday in observance of Id-Ul-Fitr (Ramzan ID). The market will resume trading on Tuesday.

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Board of IDFC approves change in directorate
Jun 26,2017

The Board of IDFC at its meeting held on 24 June 2017 approved the following -

a. Acceptance of resignation of Vikram Limaye (DIN: 00488534) as Managing Director & CEO of the Company w.e.f. 15 July 2017. The Board placed on record, its sincere appreciation for the long association and valuable services rendered by Limaye during his tenure with the Company.

b. Appointment of Sunil Kakar (DIN: 03055561) as an Additional Director of the Company w.e.f. 16 July 2017, subject to the approval of the Shareholders at the ensuing AGM of the Company.

c. Appointment of Sunil Kakar (DIN: 03055561) as Managing Director & CEO of the Company for a period of 3 yrs w.e.f. 16 July 2017, subject to the approval of the shareholders at the ensuing AGM of the Company.

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Outcome of board meeting of Amtek Auto
Jun 24,2017

The Board of Directors (Board) of Amtek Auto at their meeting held on 23 June 2017, discussed the issue of the Company falling under the Insolvency and Bankruptcy Code, 2016 (IBC Code), pursuant to the instructions by Reserve Bank of India (RBI) to the Banks under the said IBC Code, for the purpose of coherent and speedy resolution of Company.

Further, The Board of Directors of the Company inter alia, has approved the following items with requisite majority:

a)Resignation of John Ernest Flintham, Vice-Chairman and Managing Director of the Company w.e.f. 23 June, 2017 due to his unavoidable circumstances.

b)Resignation of Sanjiv Bhasin , Independent and Non-Executive Director of the Company w.e.f. 23 June, 2017 due to his unavoidable circumstances.

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Crest Ventures hikes stake in Crest Wealth Management
Jun 24,2017

Crest Ventures (CVL) has acquired 6,00,000 (Six lakh) Equity Shares of Crest Wealth Management (CWMPL), its Subsidiary Company, from Mitesh Shah at a total consideration of Rs. 43,20,000/- (Rupees Forty Three Lakh Twenty Thousand only) on 23 June 2017. Consequent to the said acquisition, the equity holding of CVL in CWMPL has increased from 52% to 62%.

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Yes Bank allots 36,358 equity shares
Jun 24,2017

Yes Bank has allotted 36,358 equity shares under ESOP. The paid up equity share capital of the bank has accordingly increased to 45,74,94,490 equity shares of Rs 10 each.

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Crest Ventures provides update on subsidiary
Jun 24,2017

Crest Ventures announced that the name of Prebon Yamane (India), a material subsidiary of the Company has been changed to Tullett Prebon (India) with effect from 22 June 2017.

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Pudumjee Paper Products gets upgradation in credit ratings
Jun 24,2017

Pudumjee Paper Products announced that CRISIL has upgraded the credit rating of the Company as under -

Total Bank loan facilities rated - Rs 250 crore
Long term rating - CRISIL A-/Stable (Upgraded from CRISIL BBB+/Positive)
Short term rating - CRISIL A2+ (Upgraded from CRISIL A2)

Rs 50 crore Fixed Deposits - FA/ Stable (Upgraded from FA-/ Positive)

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IFGL Refractories provides update on restructuring of its German subsidiaries
Jun 24,2017

IFGL Refractories announced that the Companys German step down subsidiary, Hofmann Ceramic GmbH has merged with another German step down subsidiary, Hofmann GmbH & Co OHG, on and from 1 April, 2017. Said OHG was renamed as Hofmann GmbH and thereafter Hofmann Ceramic GmbH. Documentation in connection with aforesaid were executed recently on 14 June, 2017.

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United Van Der Horst announces resignation of director
Jun 24,2017

United Van Der Horst announced the resignation of Vijaychand Devichand Sambre from the designation of Independent Director of the Company with effect from 22 June 2017.

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Indiabulls Housing Finance allots 34,776 equity shares
Jun 24,2017

Indiabulls Housing Finance has allotted 34,776 (Thirty Four Thousand Seven Hundred and Seventy Six only) Equity shares of face value INR 2/- each, to eligible employees upon exercise of options vested in their favour under different ESOP Schemes of the Company.

Consequent to the said allotment, the paid-up Equity Share Capital of the Company stands increased to INR 848,695,200 divided into 424,347,600 Equity Shares of face value INR 2/- each.

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Swastik Safe Deposit & Investments to hold AGM
Jun 24,2017

Swastik Safe Deposit & Investments announced that the 76th Annual General Meeting (AGM) of the company will be held on 17 July 2017.

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Vindhya Telelinks to hold AGM
Jun 24,2017

Vindhya Telelinks announced that the 34th Annual General Meeting (AGM) of the company will be held on 24 July 2017.

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Maplle Infraprojects to hold board meeting
Jun 24,2017

Maplle Infraprojects will hold a meeting of the Board of Directors of the Company on 14 June 2017.

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Mindtree allots 97,060 equity shares
Jun 24,2017

Mindtree has allotted 97,060 equity shares of Rs.10/- each, under Mindtree Employee Restricted Stock Purchase Plan 2012 (Program VIII) (ESPS/ERSP 2012)

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Capital First plans to allot NCDs on private placement basis
Jun 24,2017

Capital First plans to allot NCDs aggregating Rs 25 crore with Greenshoe option of Rs 25 crore on private placement basis. The date of allotment is 27 June 2017.

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