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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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Excel Industries appoints CEO
Jul 14,2017

Excel Industries announced that the Board of Directors at its meeting held on 14 July 2017 has appointed N.R. Kannan as the Chief Executive Officer of the Company w.e.f. 17 July, 2017. He is designated as the Key Managerial Personnel of the Company in terms of Section 203 of the Companies Act, 2013.

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Board of Siti Networks appoints director
Jul 14,2017

The Board of Directors of Siti Networks at its meeting held on 14 July 2017 has approved the appointment of Sidharth Balakrishna as Whole-Time Director of the Company with immediate effect.

Accordingly, Rajesh Sethi will be re-designated as Chief Business Transformation Officer of the Company with immediate effect.

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Centre releases advance grant-in-aid of Rs.51.30 crore to Arunachal Pradesh for rescue and relief operations on account of flash floods
Jul 14,2017

The Centre has released in advance two installments of grant-in-aid to the State Government of Arunachal Pradesh towards Central share of State Disaster Response Fund (SDRF).

Due to heavy rains and floods in North East, Department of Expenditure, Ministry of Finance, Government of India has released Rupees 51 crore and 30 lakh as grant-in-aid to the State Government of Arunachal Pradesh on the basis of recommendation of the 14th Finance Commission for relief necessitated by natural calamities to the State. This amount is being released in advance for rescue and relief operations required on account of flash floods.

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Outcome of board meeting of Rammaica (India)
Jul 14,2017

Rammaica (India) announced that the Board of Directors at its meeting held on 14 July 2017 approves the following -

Change in Company name to Ramasigns Industries.
Increase in authorised capital of the Company from Rs 10 crore to Rs 15 crore.
Appointment of Pankaj Jobalia as Whole Time Director of the Company.
Appointment of Jitendra Sharma as a Whole Time Director of the Company.
Appointment of Piyush Hindia as an Additional Director (Independent) of the Company.

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L&T Finance Holdings to hold board meeting
Jul 14,2017

L&T Finance Holdings will hold a meeting of the Board of Directors of the Company on 26 July 2017, to approve the Unaudited Financial Results for the quarter ended June 30, 2017.

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Sellwin Traders to hold board meeting
Jul 14,2017

Sellwin Traders will hold a meeting of the Board of Directors of the Company on 10 August 2017, to approve the un-audited quarterly result for the quarter ended on 30th June, 2017

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Suyog Telematics to hold board meeting
Jul 14,2017

Suyog Telematics will hold a meeting of the Board of Directors of the Company on 27 July 2017, to consider the Financial results for the Quarter ended June 30, 2017 along with the Limited Review Report by statutory auditors of the Company.

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Tata Communications to hold board meeting
Jul 14,2017

Tata Communications will hold a meeting of the Board of Directors of the Company on 24 July 2017, to approve the Unaudited Financial Results for the quarter ended on 30 June 2017.

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Majestic Research Serv. & Solutions to hold board meeting
Jul 14,2017

Majestic Research Serv. & Solutions will hold a meeting of the Board of Directors of the Company on 21 July 2017.

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Nelcast to hold board meeting
Jul 14,2017

Nelcast will hold a meeting of the Board of Directors of the Company on 3 August 2017.

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Gravita India to hold AGM
Jul 14,2017

Gravita India announced that the 25th Annual General Meeting (AGM) of the company will be held on 8 August 2017.

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Bervin Investments & Leasing to hold board meeting
Jul 14,2017

Bervin Investments & Leasing will hold a meeting of the Board of Directors of the Company on 27 July 2017, to approve the Unaudited Financial Results of the Company for the Quarter ended 30th June, 2017.

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Minda Industries to hold AGM
Jul 14,2017

Minda Industries announced that the 25th Annual General Meeting (AGM) of the company will be held on 29 August 2017.

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Vertex Securities to hold AGM
Jul 14,2017

Vertex Securities announced that the 24th Annual General Meeting (AGM) of the company will be held on 8 August 2017.

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Divis Laboratories to hold board meeting
Jul 14,2017

Divis Laboratories will hold a meeting of the Board of Directors of the Company on 22 July 2017, to consider and approve un-audited financial results for the quarter ended 30th June 2017.

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