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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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JMC Projects (India) declares Quarterly Result
Jul 24,2017

JMC Projects (India) will hold a meeting of the Board of Directors of the Company on 10 August 2017, to approve the Un-audited Financial Results of the Company for the first quarter ended 30 June 2017

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Beekay Steel Industries to table results
Jul 24,2017

Beekay Steel Industries will hold a meeting of the Board of Directors of the Company on 12 August 2017, to approve the Un-audited Financial Results for the quarter ended 30.06.2017.

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Pilani Investment & Industries Corp. schedules AGM
Jul 24,2017

Pilani Investment & Industries Corp. announced that the 70th Annual General Meeting (AGM) of the company will be held on 24 August 2017.

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Lakshmi Automatic Loom Works announces board meeting date
Jul 24,2017

Lakshmi Automatic Loom Works will hold a meeting of the Board of Directors of the Company on 9 August 2017, to approve the Unaudited Financial Results for the Quarter ended

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Asia Pack to announce Quarterly Result
Jul 24,2017

Asia Pack will hold a meeting of the Board of Directors of the Company on 1 August 2017, to approve the unaudited financial results of the Company under lndAS for the quarter ended 30 June 2017 along with the Limited Review Report

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Diamond Power Infrastructure schedules board meeting
Jul 24,2017

Diamond Power Infrastructure will hold a meeting of the Board of Directors of the Company on 10 August 2017

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Mindteck (India) announces resignation of CFO
Jul 24,2017

Mindteck (India) announced that Anand Balakrishnan has resigned from the position of CFO of the Company effective from 21 July 2017 and Company has accepted his resignation and appreciated his contributions and commitments as CFO of the Company.

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Steel Authority of India announces board meeting date
Jul 24,2017

Steel Authority of India will hold a meeting of the Board of Directors of the Company on 11 August 2017, to approve the Unaudited Financial Results of the Company for the quarter ended 30th June 2017.

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Excel Industries to announce Quarterly Result
Jul 24,2017

Excel Industries will hold a meeting of the Board of Directors of the Company on 3 August 2017, to approve the Unaudited Financial Results of the Company for the quarter ended 30th June, 2017.

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Mangalore Refinery And Petrochemicals to convene AGM
Jul 24,2017

Mangalore Refinery And Petrochemicals announced that the 29th Annual General Meeting (AGM) of the company will be held on 19 August 2017.

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Classic Leasing & Finance schedules board meeting
Jul 24,2017

Classic Leasing & Finance will hold a meeting of the Board of Directors of the Company on 31 July 2017, to consider and to take on record the Un-Audited Financial Results of the Company for the quarter ended 30 June 2017

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Board of Zee Entertainment Enterprises approves composite scheme of arrangement and amalgamation
Jul 24,2017

The Board of Directors of Zee Entertainment Enterprises at its meeting held on 24 July 2017 has approved a proposal for restructuring of businesses of certain domestic wholly owned subsidiaries through a composite scheme of arrangement and amalgamation inter alia for

- Demerger of Digital Media and Entertainment Business undertaking from Zee Digital Convergence, vesting with the Company.

- Demerger of Advertising Sales Media Business undertaking from Zee Unimedia, vesting with the Company.

- Demerger of Online Media Business undertaking from India Webportal, vesting with the Company.

- Amalgamation of Sarthak Entertainment with the Company, with effect from appointed date of 01 April 2017.

Since the Corportate Restructuring involves the Company and its wholly owned subsidiaries, the Scheme does not provide any consideration for the demerger / amalgamation proposed in the scheme.

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Rupee closes lower
Jul 24,2017

Rupee closed lower at 64.3750/3825 per dollar on Monday (24 July 2017), versus its previous close of 64.3575/3600 per dollar last Friday.

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PPP Projects at Mormugao Port Trust
Jul 24,2017

The Mormugao Port Trust has two PPP projects under operation. These are (i) Multipurpose General Cargo Berth at Berth No. 5 & 6 operated by South West Port Ltd. and (ii) Coal Handling Terminal at Berth No. 7 operated by Adani Mormugao Port Terminal Pvt. Ltd. The outlay of each project is as follows:

S.No

Project

Project Cost

(i)

Multipurpose General Cargo Berth at Berth No. 5 & 6

Rs. 245 Cr.

(ii)

Coal Handling Terminal at Berth No. 7

Rs. 406 Cr.

The nature of agreement and main clauses under the PPP

S.No.

Project

Nature of Agreement

Main Clause

(i)

Multipurpose General Cargo Berth at Berth No. 5 & 6

License Agreement

i.        Minimum Guarantee Throughput (MGT) of 5 MMTPA effective from 66th month onwards from the date of handing over of the Licensed Premises.
ii.      Revenue share of 18% on gross revenue.

(ii)

Coal Handling Terminal at Berth No. 7

Concession Agreement

i. MGT fixed for the concessionaire is as under:
Year 1      0.8 MMTPA
Year 2      1.1 MMTPA
Year 3      1.4 MMTPA
Year 4      1.7 MMTPA
Year 5      2.0 MMTPA
onwards
ii. Revenue share of 20% on gross revenue.

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Outcome of board meeting of Zee Entertainment Enterprises
Jul 24,2017

Zee Entertainment Enterprises announced that the Board of Directors of the Company at its meeting held on 24 July 2017 has transacted the following -

Approved the appointment of Bharat Kedia as CFO of the Company with effect from 01 August 2017 in place of Mihir Modi, who will be moving to new roles in the Company.

Approved allotment of 39,49,105 6% Unlisted Cumulative Redeemable Non Convertible Preference Shares of Rs 10 each to the equity and preference shareholders of Reliance Big Broadcasting, Big Magic and Azalia Broadcast in pursuance of a composite scheme of arrangement.

The Board has also approved a corporate restructuring proposal relating to domestic subsidiaries of the Company.

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