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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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Central Bank of India to convert IPDI capital of Rs 583 crore into equity capital
Apr 01,2017

Central Bank of India announced that Government of India, Ministry of Finance vide letter dated 31 March 2017 conveyed its in principle approval to convert the entire Innovative Perpetual Debt Instruments (IPDI) capital of Rs. 583 crore held by Government of India (GOI) into equity share capital through preferential allotment in favour of GOI, at such conversion rate including premium, as may be determined in accordance with Regulations 76 or 76A of SEBI (Issue of Capital and Disclosure Requirements) Regulations, 2009 as may be applicable read with Regulation 76B of the said Regulations, subject to approval of Reserve Bank of India, Shareholders, Stock Exchanges and other statutory authority(ies), if any including Securities and Exchange Board of India.

Based on the above said approval, Capital Raising Committee of the Board of Directors at their meeting held on 31 March 2017 approved the proposal to extinguish with immediate effect i.e. w.e.f. 31 March 2017, the entire 5830 IPDI of Rs. 10 lakh each aggregating to Rs. 583 crore and decided to credit the capital funds of Rs. 583 crore into Share Application Money Account w.e.f. 31 March 2017.

Accordingly, the aforesaid entire IPDI has been extinguished w.e.f. 31 March 2017 and necessary corporate action to debit the entire 5830 IPDI from accounts in CDSL (ISIN INE483A09237) will be executed in due course of time. Further, all required steps for issuance and allotment of equity shares to President of India (Government of India) will also be taken shortly.

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Bharat Electronics achieves turnover of Rs 8800 crore
Apr 01,2017

Bharat Electronics has ended the year 2016-17 by registering whopping top line figure of about Rs 8800 crore (provisional) - a growth of about 17% over the previous years turnover of Rs 7522 crore.

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Cabinet approves signing of new Air Services Agreement between India and Serbia
Mar 31,2017

The Union Cabinet chaired by the Prime Minister Narendra Modi has given its approval for updation of the existing Air Services Agreement (ASA) between India and Serbia which was signed on 31 January 2003. The updation is as per latest International Civil Aviation Organization (ICAO) template keeping in view the latest developments in civil aviation sector and with an objective to improve the air connectivity between the two countries.

The essential features of the new Air Services Agreement are as follows:

(i) The open sky has been formalized with Serbia as per National Civil Aviation Policy. Now the Indian carriers can operate to any points in Serbia from points in India. Whereas the carriers of Serbia can establish direct operation to 4 Metros - New Delhi, Mumbai and 2 more points to be specified later. Apart from this through routing flexibility any intermediate and beyond point can also be served by the designated carriers of both sides.

(ii) The designated airlines shall be entitled to exercise domestic code share operation to any four (4) additional points in the territory of the other Party over and above the points specified in route schedule, These 4 points may be specified at any time.

(iii) The designated Airline of each party can enter into cooperative marketing arrangements with the designated carriers of same party, other party and third country.

(iv) It will not only provide direct connectivity but also connectivity through 3rd country carriers, which may also be viable for Indian carriers.

(v) Both countries shall be entitled to designate one or more airline. In earlier arrangement only maximum of two airlines of could be designated by each side.

The new updated and liberalized Air Services Agreement between India and the Serbia has the potential to spur greater trade, investment, tourism and cultural exchange between the two countries bringing it in tune with die developments in the civil aviation sector. It will provide enabling environment for enhanced and seamless connectivity while providing commercial opportunities to the carriers of both the sides ensuring greater safety and security. As of now there is no connectivity between the two nations and the revised agreement may lead to establishing connectivity between the two countries.

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Nila Infrastructures secured contract worth Rs 131.67 crore
Mar 31,2017

Nila Infrastructures has secured contract worth Rs 131.67 crore. The Company has entered into an agreement for construction and implementation of a slum rehabilitation project with Vivyan Infraprojects.

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Metalyst Forgings allots 64 lakh equity shares
Mar 31,2017

Metalyst Forgings announced that the Allotment Committee of Board of Directors of the Company in their meeting held 31 March 2017 has allotted 40,00,000 Equity Shares of face value of Rs. 10/- each, at a price of Rs. 100/- per share including premium of Rs. 90/- per Equity Share, aggregating to Rs. 40 crore to the Promoter group Company i.e. Amtek Auto by way of preferential allotment.

Further, the Company has also allotted 24,00,000 Convertible Warrants, each convertible into, or exchangeable for, one Equity Share of face value of Rs. 10/- each, at a price (including the Warrant subscription price and warrant exercise price) of Rs. 100/- each aggregating to Rs. 24 crore to the Promoter group Company i.e. Amtek Auto by way of preferential allotment.

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Ujaas Energy gets ratings assigned for bank loan facilities
Mar 31,2017

Ujaas Energy announced that CRISIL has assigned CRISIL A- /Stable rating for long term bank loan facilities reflecting adequate degree of safety regarding timely servicing of financial obligations and CRISIL A2+ rating for the short-term bank loan facilities reflecting strong degree of safety regarding timely payment of financial obligations. Further the previous rating was CARE A3+ rating for Short term bank loan facilities and CARE BBB rating for the long-term bank loan facilities.

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IIFL Holdings provides update on subsidiaries
Mar 31,2017

IIFL Holdings provides update -

1.India Infoline Finance (IIFL), the NBFC Subsidiary, made following additional investments during March 2017: a. Infused an additional equity capital of Rs.160 crore in its 100% housing finance Subsidiary i.e. India Infoline Housing Finance; b. Infused additional equity capital of Rs. 50 crore in Samasta Microfinance. With the above, IIFL Finances shareholding in Samasta, a Subsidiary, stands increased to 95.23%.

2. IIFL Wealth Management, a subsidiary of the Company transferred its shareholding (71%) in India Alternatives Investment Advisors Private to its Private shareholders. IIFLW would continue to distribute India Alts AIF products to its Clients.

3.The following Independent Directors of the Company have been appointed as Independent Director on the Material Subsidiaries: a. Nilesh Vikamsey on the Board of IIFL, the NBFC Subsidiary of the Company; Dr. S. Narayan on the Board of IIFL Wealth Finance, a step down subsidiary of the Company.

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Rural Electrification Corporation intimates of sale of NER II Transmission
Mar 31,2017

Rural Electrification Corporation announced that as per the approval of Ministry of Power, 50000 equity shares of NER II Transmission held by REC Transmission Projects Company (a wholly owned subsidiary of Rural Electrification Corporation) and its nominees, have been transferred along with all assets and liabilities of NER II Transmission to Sterlite Gride4 on 31 March 2017.

Hence, the above project specific SPV is not subsidiary of REC Transmission Projects Company.

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ICICI Bank allots 61,460 equity shares
Mar 31,2017

ICICI Bank has allotted 61,460 equity shares of face value of Rs. 2/- each on 30 March 2017 under the Employees Stock Option Scheme, 2000.

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Axis Bank enters into agreement with GUS Holdings B.V.
Mar 31,2017

Axis Bank has signed an agreement with GUS Holdings B.V. for sale of 1,40,00,000 equity shares (10% of total outstanding shares) of face value of Rs 10 per share of Experian Credit Information Company of India (Experian India), to GUS Holding B.V. at Rs 45.7 per share, resulting in a total cash transaction of Rs 64 crore. The transaction is subject to requisite regulatory approvals, including from Reserve Bank of India.

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Phoenix Mills hikes stake in ODPL
Mar 31,2017

Phoenix Mills has further acquired 0.80% equity stake of Vistra on 30 March 2017 and 5.27% equity stake from IIRF on 31 March 2017 in its subsidiary, Offbeat Developers (ODPL). Subsequent to the above acquisition, the shareholding of the Company in ODPL has increased from 77.52% to 83.59%.

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Sandur Manganese & Iron Ores fixes record date for interim dividend
Mar 31,2017

Sandur Manganese & Iron Ores has fixed 15 April 2017 as record date for payment of interim dividend.

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ICT enabled Real Time Monitoring of ICDS instituted in select Anganwadi Centres of high burden districts
Mar 31,2017

Integrated Child Development Services (ICDS) is the flagship program of Government of India for the holistic development of children. The beneficiaries of the programme are children below six years of age and pregnant women & lactating mothers. With a view to bridge the gaps in the Integrated Child Development Services (ICDS) delivery, Ministry of Women & Child Development is implementing ICDS Systems Strengthening and Nutrition Improvement Project (ISSNIP), in 162 high malnutrition burden districts of 8 States viz. Andhra Pradesh, Bihar, Chhattisgarh, Jharkhand, Madhya Pradesh, Maharashtra, Rajasthan and Uttar Pradesh covering 3.68 lakh Aanganwadi Centres. Information and Communication Technology enabled Real Time Monitoring (ICT-RTM) of ICDS has been instituted in the Restructured ISSNIP for improving the service delivery in ICDS and ensuring better monitoring and supervision of ICDS implementation at 1,00,000 Anganwadi Centres. It is based on ICDS-Common Application Software (ICDS-CAS) developed especially for this program thereby equipping Aanganwadi Workers with a Smart Phone preinstalled with ICDS-CAS and Sector Supervisors with a Tablet preinstalled with ICDS-CAS. ICT-RTM would help strengthen the ICDS capacity to deliver nutrition services in a better way.

During 2016-17, 6 complaints (three from State of Uttar Pradesh, one from State of Uttarakhand, one from State of Chandigarh and one from State of Orissa) concerning quality of Take Home Ration (THR) were received by the Government. Since Integrated Child Development Service (ICDS) is a Centrally Sponsored Scheme and the overall management & monitoring of the implementation of the ICDS Scheme is done by the concerned State Government, the complaints have been forwarded to the concerned State Governments for necessary action.

No proposal has been finalised to make conditional cash transfer in place of Take Home Ration.

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Insolvency and Bankruptcy Board of India notifies Corporate Voluntary Liquidation Process Regulations
Mar 31,2017

The Insolvency and Bankruptcy Board of India (IBBI), in exercise of its powers conferred by sections 59, 196 and 208 read with section 240 of the Insolvency and Bankruptcy Code, 2016, has notified today the Insolvency and Bankruptcy Board of India (Voluntary Liquidation Process) Regulations, 2016. The regulations provide the process from initiation of voluntary liquidation of a corporate person - companies, limited liability partnerships and any other persons incorporated with limited liability - till its dissolution.

A corporate person may initiate a voluntary liquidation proceeding if majority of the directors or designated partners of the corporate person make a declaration to the effect that (i) the corporate person has no debt or it will be able to pay its debts in full from the proceeds of the assets to be sold under the proposed liquidation, and (ii) the corporate person is not being liquidated to defraud any person. If the liquidator is of the opinion that the liquidation is being done to defraud a person or the corporate person will not be able to pay its debts in full from the proceeds of assets to be sold in the liquidation, he shall make an application to the Adjudicating Authority to suspend the process of liquidation and pass any such orders as it deems fit.

The regulations prohibit an insolvency professional from acting as a liquidator for a corporate person if he is not independent of the corporate person. These prohibit partners or directors of an insolvency professional entity of which the insolvency professional is a partner or director from representing other stakeholders in the same liquidation process. These oblige the liquidator, and professional(s) assisting him in liquidation to make disclosures - initial and continuing - about pecuniary or personal relationship with any of the stakeholders or the corporate person.

The regulations specify the manner and content of public announcement, receipt and verification of claims of stakeholders, reports and registers to be maintained, preserved and submitted by the liquidator, realisation of assets and distribution of proceeds to stakeholders, distribution of residual assets, and finally dissolution of corporate person. These oblige a liquidator to preserve a physical or an electronic copy of the reports, registers and books of account for at least eight years after the dissolution of the corporate person, either with himself or with an information utility.

The regulations shall come into effect from 1st April, 2017.

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Shree Pacetronix appoints company secretary
Mar 31,2017

Shree Pacetronix has appointed Priya Singh as Company Secretary and one of the Key Managerial Personnel of the Company w.e.f. 31 March 2017.

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