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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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Glenmark Pharmaceuticals announces resignation of company secretary & compliance officer
Oct 28,2016

Glenmark Pharmaceuticals announced that the Board of Directors of the Company at its Meeting held on 27 October 2016 noted and approved the resignation of Sanjay Kumar Chowdhary, Company Secretary & Compliance Officer with effect from 31 October 2016.

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Corporation Bank announces MCLR
Oct 28,2016

Corporation Bank announced tenor based Marginal Cost of Funds based Lending Rates (MCLR) for all new rupee loans and advances including renewals with effect from 01 November 2016 -

Overnight - 9.00%
One month - 9.10%
Three months - 9.25%
Six months - 9.35%
One year - 9.45%

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Manappuram Finance allots equity shares
Oct 28,2016

Manappuram Finance announced that Financial Resources and Management committee of Board of Directors of the Company allotted 37200 (Thirty seven thousand and two hundred only) equity shares having face value of Rs.2/- each under the revised ESOS Scheme 2009 on 27 October 2016.

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Asian Hotels (West) to hold board meeting
Oct 28,2016

Asian Hotels (West) will hold a meeting of the Board of Directors of the Company on 14 November 2016 to consider and approve the Un-audited Financial Results of the Company for the quarter ended September 30, 2016.

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Junction Fabrics & Apparels to hold board meeting
Oct 28,2016

Junction Fabrics & Apparels will hold a meeting of the Board of Directors of the Company on 5 November 2016 Quarterly Results

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Speciality Restaurants to hold board meeting
Oct 28,2016

Speciality Restaurants will hold a meeting of the Board of Directors of the Company on 9 November 2016 To consider and approve the standalone unaudited financial results of the Company for the quarter and six months ended September 30, 2016 along with the limited review report of the statutory auditors for the corresponding period.

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Archidply Industries to hold board meeting
Oct 28,2016

Archidply Industries will hold a meeting of the Board of Directors of the Company on 14 November 2016 to consider approval of unaudited financial results of the Company for the quarter and half year ended September 30, 2016.

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PTC India Financial Services to hold board meeting
Oct 28,2016

PTC India Financial Services will hold a meeting of the Board of Directors of the Company on 8 November 2016 to consider, approve and take on record the unaudited financial results along with the limited review report of the auditor for the 2nd quarter and half year ended September 30, 2016 of FY 2016-17.

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Lotus Eye Care Hospital to hold board meeting
Oct 28,2016

Lotus Eye Care Hospital will hold a meeting of the Board of Directors of the Company on 14 November 2016 to consider and approve the Un-audited Financial Results for the Quarter/Half Year ended September 30, 2016.

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D-Link India to hold board meeting
Oct 28,2016

D-Link India will hold a meeting of the Board of Directors of the Company on 11 November 2016 to consider and approve the Unaudited Financial Results for the quarter and half year ended September 30, 2016.

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Vardhman Special Steels to hold board meeting
Oct 28,2016

Vardhman Special Steels will hold a meeting of the Board of Directors of the Company on 28 October 2016.

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Nagpur Power & Industries to hold board meeting
Oct 28,2016

Nagpur Power & Industries will hold a meeting of the Board of Directors of the Company on 7 November 2016 to consider and take on record the Unaudited Financial Results of the Company for the quarter and half year ended September 30, 2016.

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Arfin India to hold board meeting
Oct 28,2016

Arfin India will hold a meeting of the Board of Directors of the Company on 2 November 2016 to consider Voluntary Delisting of Equity Shares of the Company from the Regional Stock Exchanges viz. the Ahmedabad Stock Exchange Limited and the Calcutta Stock Exchange Limited.

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Arihant Superstructures to hold board meeting
Oct 28,2016

Arihant Superstructures will hold a meeting of the Board of Directors of the Company on 11 November 2016 to consider the Unaudited Financial Results of the Company, for the Half Year / Quarter ended September 30, 2016.

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Bedmutha Industries to hold board meeting
Oct 28,2016

Bedmutha Industries will hold a meeting of the Board of Directors of the Company on 11 November 2016 to consider, approve and to take on record Unaudited financial results of the Company for the quarter ended September 30, 2016.

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