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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 Orosil Smith India approves sub-division of shares
May 16,2017

Orosil Smith India announced that the Board of Directors of the Company at its meeting held on 16 May 2017, inter alia, has considered and approved the following:-

1. Sub-division of existing 1 (one) equity share of Rs. 5/- (Rupees five) each face value fully paid up into 5 (Five) number of equity shares of Rs. 1/- (Rs. one ) each face value, subject to the approval of the shareholders and w.e.f. record date fixed by the Board/Committee in this regard on later date.

2. Alteration of capital clause in the Memorandum of Association of the Company.

3. Noting of Resignation of Statutory Auditor, namely; Kumar Aggarwal & Associates of the company

4. Noting of Appointment of M/s PNG & Co., Chartered Accountant as statutory Auditor of the company under section 139(8) of companies Act, 2013 through resolution by circulation on 10 May 2017.

The board has decided to discuss and approve the notice of calling meeting of shareholders for the purpose of sub-division of equity shares and Alteration of capital clause in Memorandum of Association in any other meeting of the board at on later date.

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Larsen & Toubro Infotech director resigns
May 16,2017

Larsen & Toubro Infotech announced that the Company has received on 15 May 2017 a resignation letter from Shubhalakshmi Panse, Non Executive Independent Director, conveying her decision to resign from the Board of the Company due to personal exigencies.

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Usher Agro announces resignation of directors
May 16,2017

Usher Agro announced that Prem Chand Tiwari and Mr. Shri Prakash Arora,. Independent Directors have resigned from the Board of Directors of the Company with effect from 25 April 2017.

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Shalimar Agencies to hold board meeting
May 16,2017

Shalimar Agencies will hold a meeting of the Board of Directors of the Company on 19 May 2017.

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Orissa Manganese & Minerals to hold board meeting
May 16,2017

Orissa Manganese & Minerals will hold a meeting of the Board of Directors of the Company on 12 May 2017.

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Board of BSL recommends final dividend
May 16,2017

BSL announced that the Board of Directors of the Company at its meeting held on 12 May 2017, inter alia, have recommended the final dividend of Rs 1.2 per equity Share (i.e. 12%) , subject to the approval of the shareholders.

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Vaibhav Global appoints director
May 16,2017

Vaibhav Global has appointed Dr Purushottam Agarwal as an Additional Director under the category of Non-Executive Independent Director at its board meeting held on 15 May 2017.

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Delta Leasing & Finance to hold board meeting
May 16,2017

Delta Leasing & Finance will hold a meeting of the Board of Directors of the Company on 30 May 2017, to consider and approve the Audited Financial results along with the Auditors Report for the Quarter ended 31 March 2017

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Bharat Agri Fert & Realty to hold board meeting
May 16,2017

Bharat Agri Fert & Realty will hold a meeting of the Board of Directors of the Company on 30 May 2017.

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Board of Gloster recommends special dividend
May 16,2017

Gloster announced that the Board of Directors of the Company at its meeting held on 12 May 2017, inter alia, have recommended the special dividend of Rs 2.5 per equity Share (i.e. 25%) , subject to the approval of the shareholders.

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Board of Gloster recommends final dividend
May 16,2017

Gloster announced that the Board of Directors of the Company at its meeting held on 12 May 2017, inter alia, have recommended the final dividend of Rs 5 per equity Share (i.e. 50%) , subject to the approval of the shareholders.

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Board of PNB Housing Finance recommends final dividend
May 16,2017

PNB Housing Finance announced that the Board of Directors of the Company at its meeting held on 12 May 2017, inter alia, have recommended the final dividend of Rs 6 per equity Share (i.e. 60%) , subject to the approval of the shareholders.

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Board of Hinduja Ventures recommends final dividend
May 16,2017

Hinduja Ventures announced that the Board of Directors of the Company at its meeting held on 12 May 2017, inter alia, have recommended the final dividend of Rs 17.5 per equity Share (i.e. 175%) , subject to the approval of the shareholders.

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Board of D-Link India recommends final dividend
May 16,2017

D-Link India announced that the Board of Directors of the Company at its meeting held on 12 May 2017, inter alia, have recommended the final dividend of Rs 0.5 per equity Share (i.e. 25%) , subject to the approval of the shareholders.

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Board of GMM Pfaudler recommends final dividend
May 16,2017

GMM Pfaudler announced that the Board of Directors of the Company at its meeting held on 12 May 2017, inter alia, have recommended the final dividend of Rs 1.9 per equity Share (i.e. 95%) , subject to the approval of the shareholders.

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