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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 Gammon India approves various restructure proposals
Apr 11,2017

Gammon India announced that the Board of Directors of the Company at its meeting held on 11 April 2017 has considered and approved certain restructuring proposals -

To sell Gammon House for consideration of Rs 10 lakh to Gammon Retail Infrastructure, a wholly owned subsidiary of the Company.

To sell Civil EPC Business of the Company for consideration of Rs 10 lakh to Gammon Transmission, a wholly owned subsidiary of the Company.

To sell upto 49% of its stake in subsidiary - Gammon Power to Gammon Retail Infrastructure, a wholly owned subsidiary of the Company for consideration of Rs 5 lakh.

To sell upto 90% of its stake in its material subsidiary - Metropolitian Infrahousing to its wholly owned subsidiary - Franco Tosi Hydro for a consideration of Rs 20 lakh.

To sell upto 90% stake in each of its subsidiaries viz (i) Gammon Transmission, (ii) Franco Tosi Hydro and (iii) Gammon Retail Infrastructure in favour of strategic investors.

To sell off the Companys shareholding in indirect subsidiary - Preeti Townships in favour of strategic investors at fair value.

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Outcome of board meeting of Hilton Metal Forging
Apr 11,2017

Hilton Metal Forging announced that the Board of Directors of the Company at its meeting held on 11 April 2017 has considered and executed various documents in respect of financial assistance obtained from Sikkim Ferro Alloys.

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Outcome of board meeting of Mangal Credit & Fincorp
Apr 11,2017

Mangal Credit & Fincorp announced that the Board of Directors of the Company at its meeting held on 11 April 2017 has approved the following resolutions -

Transfer of shares of Chakshu Realtors.
Propose to list with NSE.

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Board of Shamrock Industrial Co approves appointment of director
Apr 11,2017

Shamrock Industrial Co announced that the Board of Directors at its meeting held on 10 April 2017 has considered and approved:

1.The appopintment of Surbhi Inani as the Company Secretary cum Compliance Officer of the Company.

2.The appointment of Ketan Parikh (DIN: 07787288) as Independent Director.

3.The appointment of Bibhutinarayan Shribastak (DIN: 07787348) as Independent Director.

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Bajaj Auto announces resignation of director
Apr 11,2017

Bajaj Auto announced that J N Godrej an Independent Director has tendered his resignation as director of the Company with effect from 10 April 2017.

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NTPC provides update on Maitree Super Thermal Power Project
Apr 11,2017

NTPC announced that Bangladesh India Friendship Power Company, a 50:50 Joint Venture Company between NTPC and Bangladesh Power Development Board has achieved Financial Closure on 10 April 2017 to set up 1320 MW (2 x 660 MW) Coal based Maitree Super Thermal Power Project at Rampal in Bagerhat District of Khulna division, Bangladesh. An agreement was signed with Indian Exim Bank to provide loan up to USD 1.6 Billion for financing this project.

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Board of Palred Technologies approves investment of Rs 30 crore in Palred Online Technologies
Apr 11,2017

Palred Technologies announced that the Board of Directors at its meeting held on 11 April 2017 has considered and approved investment of Rs 30 crore in Palred Online Technologies @62.23 per share increasing its ownership to 79.10% in subsidiary company.

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IndiaNivesh announces new corporate office
Apr 11,2017

IndiaNivesh announced its new Corporate Office w.e.f 11 April 2017. The details are as follows: Corporate Office Address: 17th Floor, Lodha Supremus, Senapati Bapat Marg, Lower Parel, Delisle Road, Mumbai- 400013.

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National Standard (India) receives in-principle approval for revocation of suspension in trading of shares
Apr 11,2017

National Standard (India) has received in-principle approval for revocation of suspension in trading of its equity shares on 7 April 2017.

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Board of ITC appoints director
Apr 11,2017

The Board of Directors of ITC at its meeting held on 11 April 2017 has appointed Ashok Malik as an Additional Non-Executive Director of the Company, representing the Specified Undertaking of the Unit Trust of India.

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Persistant Systems announces collaboration with Nok Nok Labs
Apr 11,2017

Persistant Systems announced that Nok Nok Labs, an innovator in modern authentication and a founding member of the FIDO Alliance has teamed up with the Company to transform password security features and reduce friction around signing in for app services consumers. The collaboration with Nok Nok Labs is the latest example of Persistant growing its digital transformation partner ecosystem with start ups and technology innovators.

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Board of Swan Energy allots equity shares on preferential basis
Apr 11,2017

The Board of Directors of Swan Energy have approved allotment of 2,30,77,000 equity shares of Re 1 each at a price of Rs 195 per share on preferential basis to 2i Capital PCC pursuant to receipt of subscription amount of Rs 450 crore.

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Maitri Enterprises announces change in company website
Apr 11,2017

Maitri Enterprises announced the change of website name from www.parthalluminium.com to www.maitrienterprises.com and also the E-mail id of the company has been changed from parth.alluminium@gmail.com to compliance@maitrienterprises.com

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Grasim Industries provides update on scheme of amalgamation
Apr 11,2017

The shareholders of Grasim Industries, Aditya Birla Nuvo and Aditya Birla Financial Services at their meeting held on 06 April and 10 April 2017 respectively have approved the scheme of amalgamation of ABNL with Grasim followed by demerger and listed of financial services business, in line with the NCLT order and the SEBI requirements.

With all major approvals in place, the scheme is subject to final approval from NCLT and BSE and NSE. The scheme is expected to be effective during the second quarter of the current financial year.

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Camlin Fine Sciences director resigns
Apr 11,2017

Camlin Fine Sciences announced that Leena Dandekar, Executive Director has tendered her resignation from directorship with effect from 06 April 2017.

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