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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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Jagran Prakashan gets High Court approval for scheme of arrangement
Nov 19,2016

Jagran Prakashan announced that the Scheme of Arrangement for (i) amalgamation of Cystral Sound and Music and Spectrum Broadcast Holdings with Jagran Prakashan; and (ii) the demerger of radio business undertaking of Shri Puran Multimedia into Music Broadcast, has been approved by the Honble High Court of Judicature at Allahabad, the Honble High Court of Bombay and by the Ministry of Information and Broadcasting, subject to certain conditions.

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Board of Karuturi Global to consider allotment of shares on conversion of warrants & debentures
Nov 19,2016

Karuturi Global announced that a meeting of the Board of Directors of the Company will be held on 24 November 2016, inter alia, to consider and take on record the following:

1. To allot 36,50,00,000 Equity Shares to Non Promoters upon conversion of 36,50,00,000 Warrants through Resolution passed in the Annual General Meeting on 20 March 2015 pursuant to the provisions of Section 62 and other applicable provisions of The Companies Act, 2013 for which In Principle approval has been received from BSE and National Stock Exchange of India.

2. To allot 12,33,33,333 Equity Shares to Rhea Holdings (Promoter & Promoter Group) upon conversion of 370 Fully Convertible Debentures through Resolution passed in the Annual General Meeting on 20 March 2015 pursuant to the provisions of Section 62 and other applicable provisions of The Companies Act, 2013 for which in Principle approval has been received from BSE and National Stock Exchange of India.

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Karnataka Bank extends rights issue closing date
Nov 19,2016

Karnataka Bank has extended the rights issue. Accordingly, the rights issue will close for subscription on 28 November 2016. The rights issue opened on 07 November 2016.

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Reliance Capital acquires 5% voting rights in Vrushvik Entertainment
Nov 19,2016

Reliance Capital announced that the Company have acquired more than 5% voting rights in Vrushvik Entertainment. The Company acquired 19,38,000 equity shares of Vrushvik Entertainment at face value of Rs 10 each.

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India and UK Sign three Bilateral Advance Pricing Agreements (B- APAs) taking the total number of APAs signed [both- bilateral and unilateral] to 111
Nov 19,2016

The Central Board of Direct Taxes (CBDT) signed three (3) Bilateral Advance Pricing Agreements (APAs) here today taking the total number of APAs signed [both- bilateral and unilateral] so far to 111. These Agreements are a result of the understanding reached with the Competent Authority of United Kingdom (UK) some time ago. The Competent Authorities of India and UK had earlier exchanged mutual agreements amongst them under the Mutual Agreement Procedure (MAP) Article of the India-UK Double Taxation Avoidance Convention (DTAC).

These three (3) Agreements cover international transactions in the nature of payment of intra-group service charges and pertain to the telecom industry. They also have a roll-back provision. With this, India and UK have concluded 5 bilateral APAs and some more would be concluded in the near future. The total number of bilateral APAs concluded so far by the CBDT is 7.

The Advance Pricing Agreement (APA) Programme was introduced by the Finance Act, 2012 with a view to provide a predictable and non-adversarial tax regime and to reduce the litigation in the Indian transfer pricing arena. An APA can be entered into for a maximum of 5 years at a time. Since the notification of the APA scheme on 30.08.2012, a total of about 700 APA applications have been received during the first 4 years of the Programme (Financial Years 2012-13 to 2015-16), which indicates the wide acceptance of the APA programme by the taxpayers. Rollback of APAs was announced in the Budget in July 2014 to provide certainty on the pricing of international transactions for 4 prior years (rollback years) preceding the first year from which APA is to be applicable.

The Indian APA programme has been appreciated nationally and internationally for being able to address complex transfer pricing issues in a fair and transparent manner.

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Reliance Capital acquires 5% voting rights in Azalia Media Services
Nov 19,2016

Reliance Capital announced that the Company have acquired more than 5% voting rights in Azalia Media Services. The Company acquired 1938000 equity shares of Azalia Media Services at face value of Rs 10 each.

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Torrent Power provides update on scheme of arrangement
Nov 19,2016

Torrent Power announced that the Company has received the Certified Copy of the Order of the Honble High Court of Gujarat sanctioning the Scheme of Arrangement which provides for the Transfer and vesting of the Solar Energy Undertaking as well as Wind Energy Undertaking of Torrent Solargen by way of slump sale to Torrent Power Limited pursuant to the provisions of Sections 391 to 394 and other relevant provisions of the Companies Act, 1956/Companies Act, 2013 (to the extent notified).

The said Order shall be filed with the Registrar of Companies within the prescribed timelines. The Company will also submit the requisite documents to the Stock Exchanges as per their respective observation Letters pursuant to SEBI Circular No. CIR/CFD/CMD/16/2015 dated 30 November 2015 in due course.

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Board of RCL Foods to consider September quarter & half year results
Nov 19,2016

RCL Foods announced that a meeting of the Board of Directors of the Company will be 25 November 2016, inter alia, to consider the following;

1. To consider the Audited Financial Results of the Company for the Quarter and year ended 31 March 2016.

2. To consider the Unaudited Financial Results of the Company for the Quarter ended 30 June 2016.

3. To consider the Unaudited Financial Results of the Company for the Quarter and Half Year ended 30 September 2016.

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Revised Double Taxation Avoidance and the Prevention of Fiscal Evasion (DTAA) Agreement signed between India and Cyprus
Nov 19,2016

A revised Agreement between India and Cyprus for the Avoidance of Double Taxation and the Prevention of Fiscal evasion (DTAA) with respect to taxes on income, along with its Protocol, was signed in Nicosia, which will replace the existing DTAA that was signed by two countries on 13th June 1994. The Protocol was signed by Mr. Ravi Bangar, High Commissioner of India to Cyprus on behalf of India and Mr. Harris Georgiades, the Minister of Finance on behalf of Cyprus.

New DTAA provides for source based taxation of capital gains arising from alienation of shares, instead of residence based taxation provided under the existing DTAA. However, a grandfathering clause has been provided for investments made prior to 1st April, 2017, in respect of which capital gains would continue to be taxed in the country of which taxpayer is a resident.

The new Agreement provides for Assistance between the two countries for collection of taxes. The new Agreement also updates the provisions related to Exchange of Information to accepted international standards, which will enable exchange of banking information and allow the use of such information for purposes other than taxation with the prior approval of the Competent Authorities of the country providing the information. The new Agreement expands the scope of permanent establishment and reduces the tax rate on royalty in the country from which payments are made to 10% from the existing rate of 15%, in line with the tax rate under Indian tax laws. It also updates the text of other provisions in accordance with the international standards and consistent policy of India in respect of tax treaties.

Provisions of new DTAA will enter into force after the completion of necessary internal procedures in both countries and is expected to come into effect in India in respect of income derived in fiscal years beginning on or after 1st April, 2017.

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Balkrishna Industries fixes record date for 2nd interim dividend
Nov 18,2016

Balkrishna Industries has fixed 08 December 2016 as the Record Date for the purpose of Payment of 2nd Interim Dividend and the payment thereof shall be credited /dispatched on or after 14 December 2016.

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Ramco Systems incorporates subsidiary - Ramco Systems (Shanghai)
Nov 18,2016

Ramco Systems has incorporated Ramco Systems (Shanghai), China as a wholly owned subsidiary of the Company.

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IDFC Bank allots equity shares
Nov 18,2016

IDFC Bank announced that the Allotment and Share Transfer Committee of the Bank met on 18 November 2016 and allotted 567,277 fully paid up equity shares of Rs.10 each to the employees in terms of IDFC Bank Employee Stock Option Scheme 2015 (IDFC Bank ESOS-2015) and pursuant to the resolution passed by the shareholders of the Bank at their meeting held on July 27, 2016. Further, IDFC Bank ESOS-2015 is in compliance with the SEBI (Share Based Employee Benefits) Regulations 2014. The total money realized by exercise of the aforesaid options is Rs. 26,531,545.29.

Post the aforesaid allotment, the Equity Share Capital of the Bank now stands at 3,395,641,885 equity shares of Rs.10 each, aggregating to Rs. 33,956,418,850.

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Board of TTI Enterprise approves consolidation of shares
Nov 18,2016

TTI Enterprise announced that the Board of Directors at their meeting held on 01 August 2016 approved the the following Other Matters:

- Consolidation of 5 (Five) Equity Shares of face value Rs. 2/- each fully paid up into 1 (one) Equity Share of face value Rs. 10/- each fully paid up.

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TTI Enterprise fixes record date for consolidation of shares
Nov 18,2016

TTI Enterprise announced that the Board of Directors at their meeting held on 14 November 2016 have fixed the Record date on 22 December 2016 for the purpose of Consolidation of 5 (Five) Equity Shares of face value Rs. 2/- each fully paid up into 1(One) Equity Share of face value Rs. 10/- each fully paid up.

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Board of Balkrishna Industries to consider Q2 results and 2nd interim dividend
Nov 18,2016

Balkrishna Industries announced that a meeting of the Board of Directors of the Company is scheduled to be held on 30 November 2016, inter alia, to consider and approve the Unaudited financial results of the Company for the quarter ended 30 September 2016 (Q2) and to consider declaration of 2nd Interim Dividend on equity shares, if any, for the financial year 2016-2017.

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