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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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Supreme Infrastructure India to consider September quarter and half year results
Nov 23,2016

Supreme Infrastructure India announced that the meeting of the Board of Directors of the Company will be held 03 December 2016, to inter-alia, consider and approve the Un-audited Financial Results for the quarter and half year ended 30 September 2016.

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Board of Srestha Finvest to consider delisting from MSEI
Nov 23,2016

Srestha Finvest announced that the meeting of Board of Directors will be held on 01 December 2016 to consider for delisting of securities from The Metropolitan Stock Exchange of India (MSEI).

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Board of MEP Infrastructure Developers to consider Q2 and HY results
Nov 23,2016

MEP Infrastructure Developers announced that a meeting of the Board of Directors of the Company will be held on 12 December 2016; to consider, approve and take on record the Un-Audited Standalone and Consolidated Financial Results of the Company for the 2nd quarter and half year ended 30 September 2016.

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Board of Enkei Wheels India approves allotment of equity shares to promoter
Nov 23,2016

Enkei Wheels India announced that the Board of Directors of the Company at its meeting held on 23 November 2016 has approved to issue up to 743,835 equity shares to its promoter, Enkei Corporation, Japan on preferential basis.

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Board of B P Capital to consider merger proposal
Nov 23,2016

B P Capital announced that a meeting of the Board of Directors of the Company is scheduled to be held on 26 November 2016, inter alia, to consider and approve the proposed merger of Satellite Buildwel and Diamond Footcare Udyog with B P Capital and any other business with the permission of the Board.

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Board of Walchandnagar Industries accords consent to avail facilities upto Rs 235 cr
Nov 23,2016

Walchandnagar Industries announced that the Board in its Meeting held on 22 November 2016 accorded its consent for availing the financial facilities in the form of loan and / or Non convertible debentures (NCD) up to Rs. 235 crore which shall be used partly for repayment of existing loans and partly for long term working capital requirement of the Company. The Board also approved issue of Non-convertible Debentures (NCD), on a private placement basis, up to Rs. 150 crore out of financial facility of Rs. 235 crore, subject to the approval of Shareholders and balance would be as loan.

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Board of Cerebra Integrated Technologies allots equity shares on conversion of FCCBs
Nov 23,2016

Cerebra Integrated Technologies announced that the Board of Directors of the Company met on 23 November 2016 and inter alia transacted the following business:

- Board proceeded to allot 12078760 Equity Shares of Rs. 10/- each at a premium of Rs. 0.50 each to Strategic Investors Upon exercise of option by the FCCB holders.

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Board of Man Infraconstruction to consider September quarter results
Nov 23,2016

Man Infraconstruction announced that a meeting of the Board of Directors of the Company will be held on 30 November 2016, inter alia, to approve consolidated and standalone unaudited Financial Results of the Company for the quarter and half year ended 30 September 2016.

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Board of Genomic Valley Biotech approves change in company secretary and compliance officer
Nov 23,2016

Genomic Valley Biotech announced that the Board of Directors at its meeting held on 23 November, 2016, has inter-alia, taken the followingdecisions:

Take note of the Resignation of Hitesh Kumar Drolia from the Post of Company Secretary and Compliance Officer of the Company with effect from 22 November 2016.

Approved the Appointment of Hitesh Kumar as the Company Secretary and Compliance Officer of the Company with effect from 23 November 2016. He is an Associate Member of the Institute of Company Secretaries of India.

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Board of Vardhman Industries approves investment in Vallabh Steel West
Nov 23,2016

Vardhman Industries announced that the board of directors of the Company at its meeting held on 11 November 2016 has decided to purchase 720000 equity shares of Rs. 100/- each in the capital of Vallabh Steel West. The said purchase transaction has been made effective on 23 November 2016 and with this effect Vallabh Steel West has become a subsidiary company from associate company of Vardhman Industries.

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Transformers & Rectifiers India wins order from Adani Group
Nov 23,2016

Transformers & Rectifiers India announced that the Company has been awarded the order for 232 No. of Inverter Duty Transformers and 19 No. of Power Transformers upto 110 kV Class amounting to Rs. 96 crore from Adani Group for solar power project.

With this order, the Companys Order book as on date stands around Rs.980 crore.

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Mindtree named a Top 15 Sourcing Service Provider
Nov 23,2016

Mindtree announced it has been named a Top 15 Sourcing Standout byInformation Services Group (ISG), a leading technology insights, market intelligence and advisory services company.

Mindtree was among the leading providers in the Breakthrough 15 category for the EMEA and Americas regions based on annual contract value won over the last 12 months, according to the 3Q 2016 GlobalISG Indexn++.

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Infosys signs definitive agreement to invest in Stellaris Venture Partners
Nov 23,2016

Infosys announced that it has signed a definitive agreement to aLimited Partner investment of Rs 31.6 crore from its Innovation Fund in Stellaris Venture Partners, an India-based early stage venture fund. This investment is towards the first close of Stellaris fund. The investment is expected to complete by 15 December 2016.

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Standard Capital Markets director resigns
Nov 23,2016

Standard Capital Markets has received resignation intimation from Kapoor Chand Gupta wherein he has resigned from the Board of the Company as Non-executive director with immediate effect and as requested the same shall be placed before board of directors in the next board meeting.

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Polymac Thermoformers appoints compliance officer
Nov 23,2016

Polymac Thermoformers announced that the Company has appointed Neha Pansari (formally known as Neha Kheria) as its Compliance Officer as per Sebi (Lodr) Regulations,2015 in its board meeting held on 23 November 2016.

Further the Company has informed that, the Surname of Company Secretary has been changed from Kheria to Pansari after marriage and the necessary changes has been made in ICSI website and in MCA portal.

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