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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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Vishal Bearings to hold board meeting
May 24,2017

Vishal Bearings will hold a meeting of the Board of Directors of the Company on 30 May 2017, to consider and approve Audited Financial Result for the half year ended on March 31, 2017, to consider and approve Audited Financial Result for the year ended on March 31, 2017, and to transact any other business with the permission of the Board.

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Parag Milk Foods to hold board meeting
May 24,2017

Parag Milk Foods will hold a meeting of the Board of Directors of the Company on 29 May 2017, to approve the audited standalone and consolidated financial Results of the Company for the Quarter and year ended March 31, 2017 along with the Audit Reports of the Statutory Auditors thereon, and to consider and recommend Final Dividend, if any.

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Vapi Enterprise to hold board meeting
May 24,2017

Vapi Enterprise will hold a meeting of the Board of Directors of the Company on 30 May 2017, to consider inter-alia approval of financial results of the Company for the quarter and year ended 31st March 2017.

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Padmalaya Telefilms to hold board meeting
May 24,2017

Padmalaya Telefilms will hold a meeting of the Board of Directors of the Company on 30 May 2017, to Consider, approve and authenticate the quarterly & year to date financial results of the Company for the fourth quarter and Year ended on March 31, 2017, and to Consider and approve the proposal for voluntary delisting of the Company from the National Stock Exchange of India Limited, Mumbai.

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Satya Miners & Transporters to hold board meeting
May 24,2017

Satya Miners & Transporters will hold a meeting of the Board of Directors of the Company on 29 May 2017, to adopt and approve the Audited Financial Results of the company for quarter and year ended 31st March 2017, and to consider and approve the Auditors Report on the Audited Financial Results for the year ended 31st March,2017.

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Anka India to hold board meeting
May 24,2017

Anka India will hold a meeting of the Board of Directors of the Company on 30 May 2017, to consider and approve the audited Quarterly and Yearly Standalone Financial results of the Company for the period ended on 31st March, 2017, and any other item with the permission of the chair.

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Bombay Rayon Fashions to hold board meeting
May 24,2017

Bombay Rayon Fashions will hold a meeting of the Board of Directors of the Company on 30 May 2017, to consider, approve and take on record, among other items of the agenda, the Audited Financial Results for the year ended March 31, 2017.

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Nuway Organic Naturals India to hold board meeting
May 24,2017

Nuway Organic Naturals India will hold a meeting of the Board of Directors of the Company on 30 May 2017, to consider, inter alia, Audited Financial Results of the Company for the Quarter and the Financial Year ended on 31st March, 2017.

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Mayur Uniquoters to hold board meeting
May 24,2017

Mayur Uniquoters will hold a meeting of the Board of Directors of the Company on 29 May 2017, to consider and approve the Audited Standalone and Consolidated Financial Results of the Company for quarter and financial year ended March 31, 2017 and to take on record Auditors report thereof, and to consider and recommend the final dividend on the equity shares of the Company for the financial year 2016-17, if any.

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Katare Spinning Mills to hold board meeting
May 24,2017

Katare Spinning Mills will hold a meeting of the Board of Directors of the Company on 29 May 2017, to consider the Audited Standalone financial results of the Company for the quarter and year ended on March 31, 2017.

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Sharma East India Hosp & Medical Res. to hold board meeting
May 24,2017

Sharma East India Hosp & Medical Res. will hold a meeting of the Board of Directors of the Company on 30 May 2017, to consider and approve the Audited Financial Results of the company for the Quarter and financial year ended on March 31st, 2017 and any other matter with the permission of chair.

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Have new NPA norms for Wholesale Long Term Finance Bank: ASSOCHAM to RBI
May 24,2017

ASSOCHAM has approached the RBI with a plea that the provisioning criteria for the non-performing assets (NPAs) in the case of proposed Wholesale Long-Term Finance (WLTF) banks should be based on stress tests of each of the funded projects, unlike the present standard provisioning norms due to a different nature of the long term, big ticket industrial or infrastructure projects to be covered by WLTF lenders.

n++In the long gestation projects like infrastructure there may be various reasons for which the project may get delayed-- governmental policy changes, court orders, land or environmental issues... Monitoring and assessment of such projects would require a structured working; Therefore, provisioning must be based on a stress test for the specific project, the ASSOCHAM said, submitting its feedback to a discussion paper of the RBI on the proposed WLTF banks.

It said a stress test- based provisioning would be more prudent way of resolving the NPA issues, than the present standard provisioning norms for other loans. Therefore, the standard provisioning norms should not be applicable to WLTF banks

Describing the move to allow WLTF banks as timely and prudent, the chambers letter to RBI Governor Dr Urjit Patel said the minimum capital requirement be kept at Rs 500 crore and not Rs 1000 crore.

As the proposed banks would be focussed on infrastructure projects, their business would be less risky. Unlike a security-based lending methodology of universal banks, WLTF Bank will be lending against cash-flow of an infrastructure assets for long term, implying more visibility of cash-flow than normal manufacturing projects.

Besides, the proposed lender should be exempt from requirements like SLR, CRR and rural branches and other priority sector norms, the chamber added.

In addition to following the existing rules of on-tap licensing of universal banks, converting existing NBFCs or NBFC held by another NBFC be allowed to be converted into WLTF Bank. This would allow seamless transition of an existing NBFC into a WLTF Bank.

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Softsol India to hold board meeting
May 24,2017

Softsol India will hold a meeting of the Board of Directors of the Company on 30 May 2017, to consider and approve Audited financial statements of the Company for the Fourth Quarter & Financial year ended 31st March 2017 along with other issues.

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Sparc System CFO resigns
May 24,2017

Sparc System announced that Geeta Salekar, CFO of the Company has resigned from the Company with effect from 29 May 2017.

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Strides Shasun receives approval for Memantine Hydrochloride Tablets
May 24,2017

Strides Shasun announced that it has received approval from the USFDA for Memantine Hydrochloride Tablets USP, 5 mg and 10 mg. The product will be manufactured at the Companys flagship facility at Bangalore and marketed by Strides Pharma Inc in the US market. The product will be launched immediately.

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