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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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May 18,2017

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May 18,2017

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Starlog Enterprises shifts registered office
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May 18,2017

Sulabh Engineers & Services will hold a meeting of the Board of Directors of the Company on 30 May 2017, to consider and approve the audited financial results (Stand alone and consolidated) for the quarter and year ended on 31 March 2017, and to transact such other business as may be required.

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Advik Industries to hold board meeting
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Advik Industries will hold a meeting of the Board of Directors of the Company on 25 May 2017, to consider and approve, amongst other items of Agenda, standalone and consolidated Audited Financial results of the Company for Quarter/Year ended on 31st March, 2017.

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Parabolic Drugs will hold a meeting of the Board of Directors of the Company on 29 May 2017, to consider and approve the Audited Financial Results for the Year ended on 31st March, 2017.

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Board of Madhav Marbles and Granites recommends final dividend
May 18,2017

Madhav Marbles and Granites announced that the Board of Directors of the Company at its meeting held on 17 May 2017, inter alia, have recommended the final dividend of Rs 1 per equity Share (i.e. 10%) , subject to the approval of the shareholders.

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CHL to hold board meeting
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CHL will hold a meeting of the Board of Directors of the Company on 26 May 2017, to consider and approve the Audited Annual Financial Results on a standalone and consolidated basis of the company for the quarter and year ended on 31 March 2017.

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Wallfort Financial Services to hold board meeting
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Wallfort Financial Services will hold a meeting of the Board of Directors of the Company on 29 May 2017, to consider and approve audited financial results of the Company for the quarter and year ended March 31, 2017.

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