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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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Jindal Worldwide appoints director
May 10,2017

Jindal Worldwide announced that the Board of Directors at its meeting held on 10 May 2017 has approved the appointment of Shrikant N. Jhaveri as a Additional Director under the category of the Independent Director of the Company ,who shall hold office upto the date of the ensuing Annual General Meeting of the Company and be regularized in the said meeting subject to the approval of shareholders.

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Kamdhenu gets reaffirmation of credit ratings
May 10,2017

Kamdhenu announced that the credit rating of the Company has been reaffirmed as CRISIL BBB+ and CRISIL A2 and outlook is revised from Negative to Stable by the credit rating agency CRISIL

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Board of Tata Motors appoints director
May 10,2017

Tata Motors has appointed Mr Om Prakash Bhatt as Additional and Independent Director, with effect from 09 May 2017 for a tenure of 5 years from date of such appointment at board meeting held on 09 May 2017.

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Board of Kothari Industrial Corporation appoints director
May 10,2017

Kothari Industrial Corporation announced that the Board of Directors of the Company at its meeting held on 21 April 2017 has appointed J.Rafiq Ahmed as Additional Director of the company.

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Vakrangee forms alliance with First Flight Couriers
May 10,2017

Vakrangee announced its alliance with First Flight Couriers, through its wholly owned subsidiary, Vakrangee Logistics for offering last mile courier and logistic services to citizens.

As per the arrangement with First Flight Couriers, Vakrangee Logistics through Vakrangee Kendras will offer Courier Pick up services and help First Flight Couriers extend their reach to un-served and under-served areas.

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Insilco to resume operations at plant in Gajraula
May 10,2017

Insilco announced that it is restarting its plant at Gajraula and has deposited Demand Draft for an amount of Rs. 15 lakhs with Central Pollution Control Board on 09 May 2017.

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Orient Cement appoints director
May 10,2017

Orient Cement announced that the Board of Directors of the Company at its meeting held on 05 May 2017 has appointed I.Y.R. Krishna Rao as an Additional Director in the category of Independent Director of the Company for a period of five years w.e.f. 05 May 2017 subject to the approval of the shareholders at the forthcoming Annual General Meeting.

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RBI initiates Prompt Corrective Action for IDBI Bank
May 10,2017

IDBI Bank announced that the Reserve Bank of India on 05 May 2017 has initiated Prompt Corrective Action for IDBI Bank in view of high net NPA and negative RoA. This action will not have any material impact on the performance of the Bank and will contribute to improving the internal controls of the Bank and improvement in its activities.

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Outcome of board meeting of SKIL Infrastructure
May 10,2017

SKIL Infrastructure announced that the Board of Directors of the Company at its meeting held on 09 May 2017 has transacted the following -

1. Accepted the resignation of Ajay Khera from the post of Key Managerial Personnel under the category of Chief Executive Officer (CEO) of the Company, effective from 09 May 2017.

2. Appointed Uday B. Singh as an Additional Director of the company with immediate effect and thereafter as a Whole- time director designated as Executive Director with effect from May 10, 2017 for the tenure of two years.

3. Appointed Shekhar Gandhi as a Chief Financial Officer of the Company with immediate effect.

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Endurance Technologies to pay dividend for FY 2017
May 10,2017

Endurance Technologies announced that dividend, if declared by the shareholders at the Eighteenth Annual General Meeting, shall be paid on or after 01 August 2017.

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Network cancels record date for reduction of capital
May 10,2017

Network announced that the record date of 18 May 2017 for reduction of capital has been cancelled.

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Orient Tradelink appoints CEO
May 10,2017

Orient Tradelink announced that Mukesh Bhatnagar has been appointed as Chief Executive Officer of the Company with effect from 09 May 2017.

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Shankara Building Products opens its 110th store
May 10,2017

Shankara Building Products announced the opening of its 110th store under the Shankara Buildpro brand. The store has been opened in Chikkamagalore, in the state of Karnataka. With this new store, the Companys retail presence spans across a total area of 3,95,770 sq. ft.

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Magma Fincorp allots 14000 equity shares
May 10,2017

Magma Fincorp has allotted 14,000 Equity Shares of face value of Rs. 2/- each at a price of Rs. 60/- per share (including premium of Rs. 58/- per share) to the eligible employees of the Company under Magma Employee Stock Option Plan 2007 (the Scheme) at their meeting held on 10 May 2017.

Pursuant to this allotment, the issued, subscribed and paid-up equity share capital of the Company stand increased to Rs. 47,39,47,344/- (Rupees Forty Seven Crores Thirty Nine Lakhs Forty Seven Thousand and Three Hundred Forty Four only) consisting of 23,69,73,672 Nos. (Twenty Three Crores Sixty Nine Lakhs Seventy Three Thousand and Six Hundred Seventy Two) of Equity Shares of Rs. 2/- each

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Hero MotoCorp to pay final dividend
May 10,2017

Hero MotoCorp announced that final dividend @1500% viz. Rs. 30/- per equity share for financial year 2016-17, if declared at the ensuing AGM, will be paid by 10 August 2017.

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