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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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IDFC Bank announces resignation of director
Feb 10,2017

IDFC Bank announced that Dr. Ashok Gulati has been serving as an Independent Director on the Board of IDFC Bank since 27 July 2015.

Dr. Gulati has now been nominated by the Government as part-time, non-official Director on the Central Board of Reserve Bank of India. Hence, to avoid any conflict of interest, he has resigned as a Director of IDFC Bank with immediate effect.

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Board of Symphony recommends dividend
Feb 10,2017

Symphony announced that the Board of Directors of the Company at its meeting held on 10 February 2017, inter alia, have recommended the dividend of Rs 1 per equity Share (i.e. 50%) , subject to the approval of the shareholders.

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Board of The Hi-Tech Gears recommends dividend
Feb 10,2017

The Hi-Tech Gears announced that the Board of Directors of the Company at its meeting held on 10 February 2017, inter alia, have recommended the dividend of Rs 1.25 per equity Share (i.e. 12.5%) , subject to the approval of the shareholders.

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ICICI Bank allots 120,840 equity shares
Feb 10,2017

ICICI Bank has allotted 120,840 equity shares of face value of Rs. 2/- each on 09 February 2017 under the Employees Stock Option Scheme, 2000 (ESOS).

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Radford Global to hold board meeting
Feb 10,2017

Radford Global will hold a meeting of the Board of Directors of the Company on 14 February 2017, to consider and approve unaudited financial results for the Quarter Ended 31 December 2016.

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Bank of Baroda announces change in CFO
Feb 10,2017

Bank of Baroda has appointed Sanjay Kumar as CFO vice Ashok Dangaich with effect from 10 February 2017.

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Victoria Mills announces resignation of director
Feb 10,2017

Victoria Mills announced that Dady K Contractor, the independent Director of the Company has resigned from the Directorship of the Company with immediate effect vide its letter dated 10 February 2017 due to age and health problems.

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Board of The Hi-Tech Gears declares interim dividend
Feb 10,2017

The Hi-Tech Gears announced that the Board of Directors of the Company at its meeting held on 10 February 2017, inter alia, have declared an Interim Dividend on equity shares @ 12.5% i.e. Rs. 1.25/- per share on the paid up share capital of the Company for the year 2016-17.

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Dhampur Sugar Mills to pay interim dividend
Feb 10,2017

Dhampur Sugar Mills announced that interim dividend on equity shares will be paid on or from 22 February 2017.

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Board of Dhampur Sugar Mills declares interim dividend
Feb 10,2017

Dhampur Sugar Mills announced that the Board of Directors of the Company at its meeting held on 10 February 2017, inter alia, has transacted the following;

1. Declared Cumulative Dividend on 8% 1801817 Cumulative Redeemable Preference Shares of Rs. 100 each.

2. Declared an Interim Dividend of 25% i.e Rs. 2.50 per Equity Share of Rs. 10 each of the Company for the Financial Year 2016-17 and the same shall be paid to those Equity Shareholders of the Company.

The said Interim Dividend will be paid to the Equity Shareholders of the Company on or from 22 February 2017.

3. The Board has given In- principal approval for transfer of Rural Distribution Business of Consumer Products to its wholly owned subsidiary EHAAT. The Board has directed Reconstitution Committee of Board of Directors to submit a detailed scheme for its final approval.

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The Hi-Tech Gears fixes record date for interim dividend
Feb 10,2017

The Hi-Tech Gears has fixed 24 February 2017, as the Record Date for the purpose of Payment of Interim Divided.

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SRF to pay interim dividend
Feb 10,2017

SRF announced that interim dividend will be paid on 28 February 2017.

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Board of SRF declares interim dividend
Feb 10,2017

SRF announced that the Board of Directors at its meeting held on 10 February 2017 has declared interim dividend @ 60% i.e. Rs. 6 per share on the paid-up equity share capital of the Company.

The date of payment of interim dividend will be 28 February 2017.

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Sun TV Network declares interim dividend
Feb 10,2017

Sun TV Network announced that the Board of Directors at its meeting held on 10 February 2017, inter alia, has Declared an Interim Dividend of Rs. 5/- per equity share of Rs. 5/- each (i.e. 100%) for the financial year 2016-17.

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Board of Techno Electric & Engineering Company approves buyback of shares upto Rs 60 crore
Feb 10,2017

Techno Electric & Engineering Company announced that the Board of Directors of the Company at their meeting held on 10 February 2017 have, inter-alia, approved a proposal for Buy-back of upto 15,00,000 (Fifteen Lakhs) equity shares (Buy-back) from all the existing shareholders of the Company on a proportionate basis through the Tender Offer method in accordance with the provisions of Securities and Exchange Board of India (Buy-Back of Securities) Regulations, 1998 (the Buy-back Regulations as amended) and the Companies Act, 2013 and rules made thereunder at a price of Rs. 400/-(Rupees Four Hundred Only) per equity share, aggregating to an amount of Rs. 60,00,00,000/-(Rupees Sixty Crores Only), excluding any expenses incurred or to be incurred in relation to the Buy-back viz. brokerage, applicable taxes such as securities transaction tax, service tax, stamp duty, advisors fees, printing and despatch expenses and other incidental and related expenses. The maximum shares proposed to be bought back represent 1.31% of the total paid up equity shares of the Company and the aggregate consideration for proposed buyback represent 7.71% of the aggregate of the paid up equity share capital and free reserves as per the audited financial statements of the Company for the financial year ended 31 March 2016.

The Board noted the intention of the Promoter of the Company NOT to participate in the proposed Buy-back. The Buy-back offer does not require approval of the shareholders of the Company.

The public announcement setting out the process, timelines and other requisite details that be released in due course in accordance with Buy-back Regulations.

The Board has constituted a Buy-back Committee and delegated its powers to the Committee to do all the acts, deeds and things as it may at its absolute discretion deemed necessary and expedient for proper implementation of the decision of the Board relating to Buy-back.

The Board has appointed N. Brahma, Company Secretary as the Compliance Officer for the purposes of Buy-back.

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