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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 Indiabulls Housing Finance declares interim dividend
Jan 20,2017

Indiabulls Housing Finance announced that the Board of Directors of the Company at its meeting held on 20 January 2017, has declared an Interim Dividend of INR 9/- per equity share (on the face value of INR 2 per share) for the financial year 2016-2017. The dividend will be paid on or before 18 February 2017.

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Board of Rane Brake Lining declares interim dividend
Jan 20,2017

Rane Brake Lining announced that the Board of Directors of the Company at its meeting held on 20 January 2017, inter alia, declared an interim dividend of Rs. 6/- per equity share on the paid-up capital of 79,14,980 equity shares of Rs. 10/- each.

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Rane Brake Lining fixes record date for interim dividend
Jan 20,2017

Rane Brake Lining announced that 02 February 2017 has been fixed as the Record Date for the purpose of payment of interim dividend. The interim dividend will be paid / dispatched to the eligible shareholders on 09 February 2017.

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Indiabulls Housing Finance fixes record date for interim dividend
Jan 20,2017

Indiabulls Housing Finance has fixed 11 February 2017 as the Record Date for the purpose of Payment of Interim Dividend. The dividend will be paid on or before 18 February 2017.

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Board of M B Parikh Finstocks to consider December quarter results
Jan 20,2017

M B Parikh Finstocks announced that the meeting of the Board of Directors of the Company is scheduled to be held on 04 February 2017, inter alia, to consider the following business:

- To approve the Un-audited Financial Results along with Limited Review report of the Company for the third quarter ended 31 December 2016.

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Sirhind Steel to announce December quarter results
Jan 20,2017

Sirhind Steel announced that a Meeting of Board of Directors of the Company will be held on 01 February 2017, to consider Unaudited Financial Results for the Quarter ended 31 December 2016.

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Board of Texmaco Rail & Engineering to fix record date for issue of shares under scheme of amalgamation
Jan 20,2017

Texmaco Rail & Engineering announced that a Meeting of the Board of Directors of the Company will be held on 30 January 2017, inter alia, to consider the fixation of record date for issuance and allotment of Equity Shares of the Company to the Shareholders of Kalindee Rail Nirman (Engineers) (Kalindee) pursuant to the Scheme of Amalgamation between the Company and Kalindee and their respective shareholders and creditors.

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Board of Texmaco Rail & Engineering to fix record date for issue of shares under scheme of amalgamation
Jan 20,2017

Texmaco Rail & Engineering announced that a Meeting of the Board of Directors of the Company will be held on 30 January 2017, inter alia, to consider the fixation of record date for issuance and allotment of Equity Shares of the Company to the Shareholders of Kalindee Rail Nirman (Engineers) (Kalindee) pursuant to the Scheme of Amalgamation between the Company and Kalindee and their respective shareholders and creditors.

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Outcome of board meeting of The Hi-Tech Gears
Jan 20,2017

The Board of Directors of The Hi-Tech Gears at its meeting held on 20 January 2017 approved the execution of proposed share purchase agreement for the acquisition of Company in Canada and matters concerned therewith.

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Board of Jubilant FoodWorks to consider Q3 results
Jan 20,2017

Jubilant FoodWorks announced that meeting of the Board of Directors has been scheduled to be held on 06 February 2017, inter alia, to consider and approve the Standalone Unaudited Financial Results of the Company for the quarter and nine months ended 31 December 2016 (Q3).

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Board of GCM Securities to consider migration to main board of BSE
Jan 20,2017

GCM Securities announced that the Meeting of Board of Directors of the Company is scheduled to be held on 25 January 2017, inter alia, to consider the following businesses:

- Migration of Company from BSE SME platform to the Main board of BSE subject to the Shareholders approval through Postal Ballot u/s 110 of Companies Act, 2013

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Facor Alloys to announce December quarter results
Jan 20,2017

Facor Alloys announced that a Meeting of the Board of Directors of the Company will be held on 08 February 2017, inter alia, to consider and approve the un-audited Financial Results of the Company for the quarter ended 31 December 2016.

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Pix Transmissions to announce December quarter results
Jan 20,2017

Pix Transmissions announced that a Meeting of the Board of Directors of the Company will be held on 10 February 2017, inter alia, to consider the Un-Audited Financial Results for the quarter ended 31 December 2016.

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Board of Kushal Tradelink approves bonus issue of 1:1
Jan 20,2017

Kushal Tradelink announced that the Board of Directors of the Company at its meeting held on 20 January 2018 has approved the following-

Increase in authorised capital of the Company from Rs 25 crore Rs 50 crore dividend into 25 crore equity shares of Rs 2 each.

Issue of bonus shares in the proportion of 1:1 subject to approval of members.

Board approved the merger of Riddhi Siddhi Recyclers into the Company.

Initiate Postal Ballot process.

Approved appointment of Kushal Agrawal as Additional Executive Director of the Company with effect from 20 January 2017.

Approved resignation of Mahendra Agrawal, Whole Time Director and Arpan Shah, Non Executive Director with effect from 20 January 2017.

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Board of Bombay Burmah Trading Corporation to consider Q3 and 9M results
Jan 20,2017

Bombay Burmah Trading Corporation announced that a Meeting of the Board of Directors of the Corporation is scheduled to be held on 10 February 2017, inter alia, to consider and approve the unaudited financial results of the Corporation for the third quarter/ nine month period ended 31 December 2016.

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