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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 NPR Finance to consider Q3 and 9M results
Jan 24,2017

NPR Finance announced that a meeting of the Board of Directors of the Company will be held on 11 February 2017, inter alia, to consider and approve, the Unaudited Financial Results of the Company for the Quarter and nine months ended on 31 December 2016.

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Outcome of board meeting of Entegra
Jan 24,2017

Entegra announced that the Board of Directors in their meeting held on 24 January 2017 considered and approved:

1. Resignation of :
(a) Jagdish Capoor, Independent Director of the Company.
(b) Dr. Monica Khanna, Women Director
(c) Alok Sinha, Non-Executive Director
(d) Pinaki Mukherjee as Manager of the Company

2. Shifted the Registered Office of the Company from :

606,6th Floor, Raheja Chambers, Free Press Journal Marg, Nariman Point, Mumbai - 400 021

to

99, Niranjan, Ground Floor, Marine Drive, Mumbai - 400 002
Tel: +91-22-2281 8432
Fax.: +91-22-2281 8619

with immediate effect.

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Creative Castings to announce Q3 results
Jan 24,2017

Creative Castings announced that the next meeting of Board of Directors of the Company will held on 04 February 2017, inter alia, to consider the following items:

- To discuss and approval of unaudited financial statement for the Third quarter ended on 31 December 2016 along with Limited Review Report received from the Auditors of the Company.

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Board of Premier to consider December quarter results
Jan 24,2017

Premier announced that a meeting of the Board of Directors of the Company is scheduled to be held on 06 February 2017, inter alia, to consider and approve the unaudited financial results for the quarter ended on 31 December 2016.

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Padmanabh Alloys & Polymers to announce Q3 results
Jan 24,2017

Padmanabh Alloys & Polymers announced that a meeting of Board of Directors of Company shall be held on 11 February 2017, inter alia, to consider and approve un-audited financial results in respect of third quarter ended on 31 December 2016.

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Polaris Consulting & Services allots 1350 equity shares
Jan 24,2017

Polaris Consulting & Services has allotted 1350 equity shares of Rs 5 each under ASOP 2011 scheme.

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Board of Zensar Technologies recommends interim dividend
Jan 24,2017

Zensar Technologies announced that the Board of Directors of the Company at its meeting held on 24 January 2017, has recommended payment of Interim Dividend at the rate of Rs. 5/- per Equity Share of Rs.10/- each (50%) of the Company for the FY 2016-17.

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Moschip Semiconductor Technology provides update on subsidiaries
Jan 24,2017

Moschip Semiconductor Technology announced that Seetha Ramam Voleti, Director & Kasinath Tumuluru, VP-Accounts & Finance of MosChip Semiconductor Technology has been appointed as Additional Directors for its Four subsidiary Companies (Including step subsidiary) named -
i. Eliteplus Semiconductor Technology;
ii. Maven Systems;
iii. Orange Semiconductors;
iv. TexoTech Solutions (subsidiary of Orange Semiconductors).

All the existing directors of four subsidiary Companies were resigned w.e.f 24 January 2017.

Further, Suresh Bachalakura, Company Secretary of MosChip Semiconductor Technology has been appointed as Company Secretary for all four subsidiary Companies.

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Nitin Alloys Global fixes record date for scheme of arrangement
Jan 24,2017

Nitin Alloys Global announced that the members of the Sub-Committee as appointed in the Board Meeting held on 19 December 2016 has agreed to fix 04 February 2017 as the Record Daten++ for the purpose of determining entitlement of equity shareholders of Nitin Castings (now known as Rajshila Construction) to receive shares of Nitin Alloys Global (now known as Nitin Castings) post the receipt of Part - B Approval from SEBI and BSE on 20 January 2017.

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Zensar Technologies allots 32,636 equity shares
Jan 24,2017

Zensar Technologies announced that on exercise of Stock Option by Employees of the Company, the Nomination and Remuneration Committee of the Directors, on 24 January 2017, has allotted fully paid up 32,636 Equity Shares of Rs. 10.00 each of the Company to its employees.

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Wipro announces retirement of director
Jan 24,2017

Wipro announced that TK Kurien, Executive Vice Chairman and Member of the Board will retire on 31 January 2017.

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Prime Urban Development India director resigns
Jan 24,2017

Prime Urban Development India announced that the Company has received a letter of resignation dated 23 January 2017 from Dr. Vaijayanti Pandit, Independent Director, conveying her decision to resign from the Board of Directors of the Company, in view of her other commitments.

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Benares Hotels appoints director
Jan 24,2017

Benares Hotels announced that Moiz Miyajiwala has been appointed as an Additional Director of the Company in a Non-Executive and Independent capacity with effect from 24 January 2017.

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Tech Mahindra allots 36892 equity shares
Jan 24,2017

Tech Mahindra announced that the resolution passed by the Securities Allotment Committee of the Board of Directors of the Company on 24 January 2017 for issue and allotment of a total of 36892 equity shares of Rs. 5/- each of the Company under various ESOP schemes.

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Syncom Healthcare appoints company secretary cum compliance officer
Jan 24,2017

Syncom Healthcare announced Charu Srivastava has been appointed as Company Secretary cum Compliance Officer of the Company with effect from 24 January 2017.

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