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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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Pasari Spinning Mills to hold board meeting for December quarter results
Jan 16,2017

Pasari Spinning Mills announced that the Board Meeting for consideration and approval of quarterly results for the quarter ending 31 December 2016 shall be held on 27 January 2017.

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Titan Biotech to announce December quarter results
Jan 16,2017

Titan Biotech announced that a meeting of the Board of Directors of Company will be held on 28 January 2017, inter-alia, to consider unaudited financial results of the Company for the quarter ended on 31 December 2016.

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Bengal Tea & Fabrics to hold board meeting for December quarter results
Jan 16,2017

Bengal Tea & Fabrics 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 and take on record the Unaudited Financial Results of the Company for the quarter ended 31 December 2016.

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Firstsource Solutions to announce Q3 results
Jan 16,2017

Firstsource Solutions announced that Board of Directors of the Company will meet on 31 January 2017, inter alia, to consider the Audited Standalone and Consolidated Financial Results for the quarter ended 31 December 2016 (Q3).

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Oseaspre Consultants to announce Q3 and 9M results
Jan 16,2017

Oseaspre Consultants 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 Unaudited Financial Results of the Company for the third quarter and nine months ended 31 December 2016.

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Solitaire Machine Tools reschedules board meet to consider December quarter results
Jan 16,2017

Solitaire Machine Tools announced that the meeting of the Board of Directors of the Company towards approval and adoption of unaudited financial results for the quarter ended 31 December 2016 has been postponed to 04 February 2017 as majority of the Companys Directors are out of town for attending exhibition of Imtex-2017 at Bengalore. However the agenda remains the same.

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Board of Lypsa Gems & Jewellery to consider Q3 results and discuss new business proposals
Jan 16,2017

Lypsa Gems & Jewellery announced that the meeting of the Board of Directors of the Company will be held on 13 February 2017, inter alia, to transact the following business:

1. To Take on Record of the Un-Audited Results for the Quarter Ended 31 December 2016 (Q3).

2. To consider and discuss new business propositions.

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Sumeru Industries Board to consider December quarter results
Jan 16,2017

Sumeru Industries announced that meeting of Board of Directors of the Company is scheduled to be held on 25 January 2017, to consider and approve unaudited financial results of the Company for the quarter ended on 31 December 2016.

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Envair Electrodyne to announce Q3 results
Jan 16,2017

Envair Electrodyne announced that the Board meeting of the Company, to consider and approve Unaudited Financial Results for the Third Quarter ended on 31 December 2016, will be held on 27 January 2016.

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Gothi Plascon (India) to consider December quarter results
Jan 16,2017

Gothi Plascon (India) announced that a meeting of Board of Directors of the Company is scheduled to be held on 23 January 2017 to consider, approve and take on record the unaudited financial results for the Quarter ended 31 December 2016.

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Board of ASM Technologies to consider December quarter results
Jan 16,2017

ASM Technologies announced that the Board of Directors of the Company are scheduled to meet on 30 January 2017, inter alia, to consider and take on record the Audited Financial Results (standalone) & Unaudited Financial Result (consolidated) of the Company for the quarter and period ended 31 December 2016.

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Board of Goldiam International to consider Q3 and 9M results
Jan 16,2017

Goldiam International announced that the meeting of the Board of Directors of the Company will be held on 13 February 2017, inter alia, to consider and approve the Unaudited Standalone and Consolidated Financial Results for the third quarter and nine months ended 31 December 2016.

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Board of Dwitiya Trading to consider Q3 results and fix record date for sub-division of shares
Jan 16,2017

Dwitiya Trading announced that a meeting of the Board of Directors of the Company will be held on 25 January 2017, inter alia, to consider and approve:-

1. The Unaudited Financial Results of the Company for the quarter and nine months ended on 31 December 2016.

2. Fixation of Record Date for determining the entitlement of the members for sub-division of Equity Shares in the ratio of 5:1 (i.e. 5 equity shares of Rs. 2/- each, for every one equity share of Rs. 10/- each) duly approved by the members at its Extra-Ordinary General Meeting held on 12 December 2016.

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India Signs Financing Agreement with World Bank for US$ 48 Million for n++Nagaland Health Projectn++
Jan 16,2017

A financing agreement for IDA credit of US$ 48 million (equivalent) for the Nagaland Health Project was signed with the World Bank here today. The Financing Agreement was signed by Mr. Raj Kumar, Joint Secretary, Department of Economic Affairs on behalf of Government of India and Mrs. Genevieve Connors, Acting Country Director, World Bank (India) on behalf of the World Bank. A Project Agreement was also signed by Dr. L. Watikala, Principal Director, Directorate of Health & Family Welfare, Government of Nagaland and Ms. Genevieve Connors, Acting Country Director, World Bank.

The Objectives of the project are to improve health services and increase their utilization by communities in targeted locations in Nagaland. Communities in targeted locations will benefit from project activities at the community and health facility levels while the population of the state as a whole will benefit from improvements in higher-level facilities as well as system-wide investments. The project will directly benefit about 600,000 people. It will support and complement existing systems and mechanisms involving communities under the National Health Mission.

The closing date of Nagaland health Project is 31st March, 2023.

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Outcome of board meeting of IND Renewable Energy
Jan 16,2017

IND Renewable Energy announced that the Board of Directors of the Company at its meeting held on 16 January 2017 has decided to incorporate an associate company under the name as may be made available to the Company by the Registrar of Companies, Maharashtra. The Board also accepted the resignation of Priya Shah as Company Secretary and Compliance Officer of the company.

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