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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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HPL Electric & Power gets revision in credit ratings
Nov 23,2016

HPL Electric & Power has received revision in ratings for various facilities from India Rating & Research.

Long term - IND A / Positive outlook (upgraded from IND A- / Stable outlook)

Short term - IND A1 (reaffirmed)

Commercial paper - IND A1 (reaffirmed)

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Bannari Amman Sugars gets High Court approval for scheme of amalgamation
Nov 23,2016

Bannari Amman Sugars announced that the Honble High Court of Judicature at Madras on 15 November 2016 has passed an Order sanctioning the Scheme of Amalgamation of Madras Sugars with the Company. The appointed date for the Scheme of Amalgamation is 01 January, 2016. The Company have filed the certified copy of the scheme of amalgamation with the Registrar of Companies on 23 November 2016.

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Board of Bannari Amman Sugars announced recommends dividend
Nov 23,2016

Bannari Amman Sugars announced that the Board of Directors of the Company at its meeting held on 23 November 2016 recommended payment of dividend @ Rs. 7.50 per equity share on 1,14,39,700 equity shares of Rs. 10/- each for the year ended 31 March 2016.

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Bodal Chemicals gets High Court approval for scheme of amalgamation
Nov 23,2016

Bodal Chemicals announced that Honble High Court of Gujarat vide its Oral Order dated 11 November 2016 (received on 23 November 2016) approved the Scheme of Amalgamation Bodal Agrotech with Bodal Chemicals. The Appointed date of Scheme of Amalgamation is 01 April 2016.

Further, Company is awaiting the certified copy of the Order of Honble High Court of Gujarat for further action.

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AXISCADES Engineering Technologies gets High Court approval for scheme of amalgamation
Nov 23,2016

AXISCADES Engineering Technologies announced that the Honble High Court of Karnataka has sanctioned the Scheme of amalgamation of India Aviation Training Institute with the Company, without any modifications and a copy of the Certified Order sanctioning the Scheme has been received by the Company on 23 November 2016. The Company will be taking necessary steps to give effect to the Certified Order.

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RBL Bank and Bajaj Finance partner to launch co-branded credit card
Nov 23,2016

RBL Bank announced that the Bank and Bajaj Finance have on 23 November 2016 entered into an agreement for launching a series of co-branded credit cards in partnership for the Indian market. These co-branded credit cards are proposed to be launched in December 2016.

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Noida Toll Bridge Company announces change in nominee director
Nov 23,2016

Noida Toll Bridge Company announced about the following change in Composition of the Board of Directors of the Company with immediate effect:-

1. Resignation of Arun K Saha, Non Executive, Nominee Director of IL&FS Transportation Networks.

2. Appointment of Pradeep Puri as Executive Vice Chairman representing IL&FS Transportation Networks.

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UltraTech Cement proposes to raise Rs 400 crore
Nov 23,2016

UltraTech Cement announced that the Company has proposed to issue unsecured redeemable non-convertible debentures amounting to Rs 400 crore on private placement basis.

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Rallis India to acquire remaining stake holding in subsidiary
Nov 23,2016

Rallis India announced that the Company has on 23 November 2016 signed an Agreement for increasing its stake in its Subsidiary, Zero Waste Agro - Organics from 73.63% to 100%. Consequently, ZWAOL will become a wholly owned subsidiary of the Company, on completion of the acquisition of the balance shares in ZWAOL.

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Ruchi Infrastructure announces resignation of director
Nov 23,2016

Ruchi Infrastructure announced that due to pre-occupation, Amrtia Shahra Sachdev has resigned from the Board of Directors of the Company.

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Shares of High Ground Enterprise get listed on NSE
Nov 23,2016

High Ground Enterprise announced that the National Stock Exchange of India vide its letter dated 23 November 2016 have admitted 115,115,949 equity shares of Re. 1/- of the Company for trading on its exchange w.e.f. 24 November 2016.

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ITC allots equity shares
Nov 23,2016

ITC announced that the Company on 23 November 2016 issued and allotted 1,83,800 Ordinary Shares of Rs. 1/- each, upon exercise of 18,380 Options by Optionees under the Companys Employee Stock Option Schemes.

Consequently, with effect from 23 November 2016, the Issued and Subscribed Share Capital of the Company stands increased to Rs. 1211,93,84,761/- divided into 1211,93,84,761 Ordinary Shares of Rs. 1/- each.

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Axis Bank allots Tier II Debentures aggregating Rs 1800 crore
Nov 23,2016

Axis Bank announced that the Board of Directors of the Bank vide its Resolution passed by Circulation on 23 November 2016, allotted 18,000 Unsecured Redeemable Non-Convertible Subordinated Debentures (Basel- III Compliant Tier II Debentures) (Series - 25) of the face value of Rs. 10 lakh each for cash at par aggregating to Rs. 1800 crore (Rupees Eighteen Hundred Crore only), on a private placement basis. The said Debentures will be listed on the Wholesale Debt Market segment of the BSE and National Stock Exchange of India.

The said Debentures is rated n++AAA by ICRA and Ind-Ra

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Pratibha Industries secures a contract valued Rs 92.22 crore
Nov 23,2016

Pratibha Industries announced that Tamil Nadu Water Supply and Drainage Board has awarded a contract to the Company for providing combined water supply scheme to 293 rural habitations in Musiri, Thathyanagarpettai, Thuraiyur and Uppiliyapuram unions in Trichy District including paid maintenance for five years. The total value of the contract is Rs 92.22 crore.

With this, the Company has won contracts aggregating Rs 700 crore in recent times. The Company emerged as the lowest bidder in tenders for contracts worth Rs 370 crore and they are expected to be finalised soon.

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Shree Ganesh Jewellery House (I) appoints director
Nov 23,2016

Shree Ganesh Jewellery House (I) announced that Abhishek Kumar has been appointed Additional Director (Executive) on the Board of the Company w.e.f. 15 November 2016.

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