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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 Spectra Industries appoints company secretary and compliance officer
Feb 15,2017

Spectra Industries announced that the Board of Directors of the Company at its meeting held on 14 February 2017 has approved the appointment of Ruchita Shah as the Company Secretary and Compliance Officer of the Company.

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Board of Ritesh Properties & Industries approves appointment of directors
Feb 15,2017

Ritesh Properties & Industries announced that the Board of Directors of the Company at its meeting held on 14 February 2017 has approved the appointment of Virinder Jit Singh as Whole Time Director with effect from 14 February 2017 and appointment of Rohit Kumar Maggu as an Independent Director with effect from 14 February 2017.

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Cox & Kings declines after poor Q3 results
Feb 15,2017

The result was announced after market hours yesterday, 14 February 2017.

Meanwhile, the BSE Sensex was down 186.45 points, or 0.66%, to 28,152.86.

On the BSE, so far 57,000 shares were traded in the counter, compared with average daily volumes of 94,427 shares in the past one quarter. The stock had hit a high of Rs 195.80 and a low of Rs 185 so far during the day.

The stock hit a 52-week high of Rs 242 on 19 September 2016. The stock hit a 52-week low of Rs 140.50 on 17 February 2016.

The mid-cap company has equity capital of Rs 88.28 crore. Face value per share is Rs 5.

On 1 December 2015, Cox & Kings had sold Explore Worldwide, a subsidiary of Holidaybreak for GBP 25.8 million. This sale had resulted in a goodwill write off of Rs 59.03 crore and profit on sale of Rs 228.65 crore, shown under exceptional items for quarter and nine months ended 31 December 2015. Due to this sale the figures of quarter and nine months ended 31 December 2016 are not comparable.

Cox & Kings (C&K) is a leading leisure and education travel group with operations in 22 countries across 4 continents. C&K operates n++n three key verticals: leisure, education and hybrid hotels.

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Board of ICVL Steels approves change in company name
Feb 15,2017

ICVL Steels announced that the Board of Directors of the Company at its meeting held on 15 February 2017 has approved change in name of the Company from ICVL Steels to Supremex Shine Steel and consequential alteration in the Memorandum of Association and Articles of Association of the Company, subject to approval of shareholders of the Company.

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Board of Shilpa Medicare accepts resignation of director
Feb 15,2017

Shilpa Medicare announced that the board has approved the resignation of Venugopal Loya, Independent Director of the Company with effect from 14 February 2017.

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Board of Rajputana Investment & Finance approves change in registered office
Feb 15,2017

Rajputana Investment & Finance announced that the Board of Directors of the Company at its meeting held on 15 February 2017 approved the change in registered office to 1/A, Fakir Dey Lane, 1st Floor, Bowbazar, Kolkata - 700 012.

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Board of Indovation Technologies approves change in directorate
Feb 15,2017

The Board of Directors of Indovation Technologies at its meeting held on 15 February 2017 has approved appointment of P Ramamurthy as Directors of the Company. The board also accepted the resignation of G Madhava Rao as Director of the Company.

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Outcome of board meeting of Nimbus Projects
Feb 15,2017

Nimbus Projects announced the Board of Directors of the Company at its meeting held on 10 February 2017 has accorded its consent for variation in the terms of investment made by the Company in 30 lakh, 8% Non Cumulative Non Participating Optionally Convertible Preference Shares of World Resorts, a unlisted public company with regard to waiver of dividend, reduction of coupon rate and extension of redemption period.

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Vaibhav Global announces change in company secretary
Feb 15,2017

Vaibhav Global announced that Brahm Prakash has resigned from the post of Company Secretary with effect from closure of working hours of 14 February 2017.

Consequent to his resignation as Company Secretary, Brahm Prakash has also ceased to be the Compliance Officer of the Company.

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Anubhav Infrastructure to hold EGM
Feb 15,2017

Anubhav Infrastructure announced that an Extra Ordinary General Meeting (EGM) of the Company will be held on 31 March 2017 .

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Prabhat Telecoms (India) to hold board meeting
Feb 15,2017

Prabhat Telecoms (India) will hold a meeting of the Board of Directors of the Company on 18 February 2017.

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Board of Natco Pharma recommends dividend
Feb 15,2017

Natco Pharma announced that the Board of Directors of the Company at its meeting held on 14 February 2017, inter alia, have recommended the dividend of Rs 6 per equity Share (i.e. 300%) , subject to the approval of the shareholders.

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Board of Eldeco Housing & Industries recommends dividend
Feb 15,2017

Eldeco Housing & Industries announced that the Board of Directors of the Company at its meeting held on 14 February 2017, inter alia, have recommended the dividend of Rs 12.5 per equity Share (i.e. 125%) , subject to the approval of the shareholders.

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Board of Fag Bearings India recommends dividend
Feb 15,2017

Fag Bearings India announced that the Board of Directors of the Company at its meeting held on 14 February 2017, inter alia, have recommended the dividend of Rs 12 per equity Share (i.e. 120%) , subject to the approval of the shareholders.

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Adhiraj Distributors to hold EGM
Feb 15,2017

Adhiraj Distributors announced that an Extra Ordinary General Meeting (EGM) of the Company will be held on 10 March 2017 .

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