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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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Shirpur Gold Refinery shifts corporate office
Jan 19,2017

Shirpur Gold Refinery has changed corporate office address to the following with effect from 18 January 2017 -

18th floor, A Wing, Marathon Futurex, NM Joshi Marg, Lower Parel, Mumbai - 400013.

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Prabhav Industries announces change in directorate
Jan 19,2017

Prabhav Industries has appointed following named additional directors on the Board of Directors of the company w.e.f. 10 January 2017 as under :

1. Gautam Kalu Mohite
2. Pravin Luka Patil
3. Akash Samadhan Suradkar

Further the Company has informed that, company has accepted the resignation of directors and their cessation will be effective from 10 January 2017 as under:

1. Ami Jigar Motta
2. Chandrakant Shankar Gaikwad
3. Nilesh Shivram Mestry.

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Trade-Wings announces resignation of company secretary
Jan 19,2017

Trade-Wings announced that on 19 January 2017 the Company has received a letter from Siddhanth Nimbalkar, tendering his resignation from the post of Whole-time Company Secretary and Compliance officer (KMP) of the Company, with effect from 01 February 2017.

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Suryalakshmi Cotton Mills announces resignation of director
Jan 19,2017

Suryalakshmi Cotton Mills announced that H. L. Ralhan, Director and Chief Executive of Denim Division resigned from the Board of Directors.

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Orient Green Power Company and IL&FS Wind Energy evaluate potential merger of wind energy generation business
Jan 19,2017

Orient Green Power Company announced that the Board ofDirectors of the Company has approved entering into exclusive discussions with IL&FS Wind Energy to evaluate a potential merger of the Wind energy generation businesses of both entities. The resultant mergedentity will have 1.2 GW of operating wind capacity, and will be by far the largest listed renewable energy Company in India.

OGPL is in the process of demerging its Wind and Biomass entities into two separate Companies, viz: OGPL (Wind) and Bio-bijlee Green Power (Biomass) respectively. Subsequent to the demerger, OGPL willhave an operating wind capacity of 425 MW in FY 17 with an additional 43 MW under construction which will augment capacity of the combined entity in FY 18. IL&FS Wind has an operating capacity of 775 MW in FY 17. IL&FS is also developing an additional 228 MW which the merged entity will be in a strong position to acquire.

Both Companies have entered into a non-binding Agreement with an exclusivity period of 90 days. At this stage, the Companies would like to clarify that any potential outcome is subject to due diligence, definitivedocumentation and approvals by regulators, creditors, shareholders and other stake holders.

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Karnataka Bank opens branch at Ukkadagathri GP
Jan 19,2017

Karnataka Bank has opened its 740th Branch at Ukkadagathri GP on 19 January 2017.

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Procter & Gamble Hygiene and Health Care announces cessation of company secretary and compliance officer
Jan 19,2017

Procter & Gamble Hygiene and Health Care announced that Preeti Bishnoi will cease to be the Company Secretary & Compliance Officer of the Company effective from 19 January 2017.

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Allahabad Bank gets ratings assigned for proposed Additional Tier 1 Bonds aggregating Rs 1000 crore
Jan 19,2017

Allahabad Bank announced that India Ratings and Research (India Ratings) have assigned IND A : Outlook Stable rating to Banks proposed Basel-III compliant Additional Tier 1 Bonds aggregating to Rs. 1000.00 crore.

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Sat Industries hikes stake in Sah Polymers
Jan 19,2017

Sat Industries has further acquired 8,70,000 (6.12%) equity shares of Sah Polymers, taking the total shareholding of the Company to 85.60%.

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Quick Heal Technologies adopts Dell EMCs XtremIO Platform
Jan 19,2017

Quick Heal Technologies has chosen Dell EMCs market-leading XtremlO all-fresh storage array to help accelerate its virtual machine environment to support the expansion of its enterprise security business.

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MEP Infrastructure Developers provides update on road project of Arawali-Kante section on NH-66
Jan 19,2017

MEP Infrastructure Developers announced that MEP SANJOSE Arawali Kante Road- Subsidiary Company of the Company, has achieved the financial closure as per the Concession Agreement executed with the Ministry of Road Transport and Highways [MORTH) dated June 28, 2016 for the Rehabilitation and up-gradation of NH-66 (Erstwhile NH-17] from km.241/300 to km 281/300 [Arawali-Kante section] to Four Lane with paved shoulder in the State of Maharashtra under NHDP IV on Hybrid Annuity Mode (HAM) by tying up of Project finance of Rs. 266.84 crore.

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Board of Sundaram Finance cancels decision to amalgamation subsidiaries
Jan 19,2017

Sundaram Finance announced that vide Resolution dated 18 January 2017, passed in circulation, the Board of Directors have decided to rescind the decision to amalgamate Sundaram Insurance Broking Services, a wholly-owned subsidiary of our Company, with LGF Services, another wholly-owned subsidiary of the Company.

Earlier, the Board of the Company at its meeting held on 31 October 2016, had decided in principle to amalgamate Sundaram Insurance Broking Services with LGF Services.

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Mindtree to pay interim dividend
Jan 19,2017

Mindtree announced that interim dividend of Rs 2 per share will be paid to the registered shareholders before 10 February 2017.

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Board of Mindtree declares interim dividend
Jan 19,2017

Mindtree announced that the Board of Directors at its meeting held on 19 January 2017 declared an interim dividend of 20% (Rs. 2/- per equity share of par value Rs. 10/- each). Interim dividend will be paid to the registered shareholders before 10 February 2017.

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Indias natural gas production flat in December 2016
Jan 19,2017

Indias natural gas production was flat at 2.74 billion cubic meters (bcm) in December 2016 over December 2015. Natural gas output of ONGC rose 5.9% to 1.93 bcm, but that of private and JV companies dipped 13.6% to 0.56 bcm. Meanwhile, the natural gas production of Oil India also fell 7.4% to 0.25 bcm in December 2016.

Natural gas output declined 3.3% to 23.89 bcm in April-December 2016 over April-December 2015.

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