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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 Pudumjee Industries to consider Q3 and 9M results
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Hindustan Petroleum Corporation signs MoU with GAIL (India) and Government of Andhra Pradesh
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Board of Gallantt Ispat to consider acquisition of shares/ creation of subsidiary (ies)
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BF Utilities to announce December quarter results
Jan 28,2017

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Coal India to announce Q3 and 9M results
Jan 27,2017

Coal India announced that a meeting of Board of Directors of the company will be held on 11 February 2017, inter alia, to consider, approve and take on record Un-Audited Quarterly Financial Results of the Company (Standalone & Consolidated) for the 3rd Quarter and Nine months ended 31 December 2016 (Q3).

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Board of Gujarat Alkalies & Chemicals approves to set up PAC plant at Vadodara
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The expected projected completion date is 12 months from zero date. The Company has its present PAC plant at Dahej Complex with a capacity of 41,250 TPA. The estimated increase in the top line of the Company after the establishment of this project is about Rs 33 crore.

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I Power Solutions India to consider December quarter results
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Board of India Home Loan to consider December quarter results
Jan 27,2017

India Home Loan announced that the Board meeting of the Company scheduled to be held on 06 February 2017, inter alia, to consider:

- Un-audited Financial results of the Company for the Quarter ended 31 December 2016 and Limited Review report thereon.

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Shree Ajit Pulp and Paper to announce Q3 and 9M results
Jan 27,2017

Shree Ajit Pulp and Paper announced that a meeting of the Board of Directors of the Company will be held on 14 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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Board of Svarnim Trade Udyog to consider December quarter results
Jan 27,2017

Svarnim Trade Udyog announced that a meeting of the Board of Directors of the Company will be held on 10 February 2017, inter alia, to consider, approve and take on record, the Unaudited Financial Results along with Limited Review Report of the Company for the quarter ended on 31 December 2016.

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Board of Empower India accepts resignation of director and CEO
Jan 27,2017

The Board of Directors of Empower India at its meeting held on 27 January 2017 approved the resignation of Vinod Shinde from the post of Executive Director and CEO of the Company with effect from 23 January 2017.

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Board of Gujarat Cotex appoints company secretary cum compliance officer
Jan 27,2017

The Board of Directors of Gujarat Cotex at their meeting held on 27 January 2017 has appointed Shweta Temani as Company Secretary of the Company cum Compliance Officer of the Company.

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