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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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Redington India announces change in directorate
Jan 10,2017

Redington India announced that the Board of Directors through a resolution by circulation had:

1. Considered and approved the appointment of Udai Dhawan as the Non-Executive Director of the Company.

2. Noted the resignation of Nainesh Jaisingh, Non - Executive Director of the Company due to his added roles and responsibilities.

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Delta Corp allots 4.8 lakh equity shares
Jan 10,2017

Delta Corp announced that the Allotment Committee of the Board of Directors of the Company at its meeting held on 10 January 2017, has made allotment of 4,80,000 Equity Shares of Re. 1/- each to the employee of the Company and its subsidiary under Delta Corp ESOP - 2009 Scheme.

The paid up Equity Share Capital of the Company has accordingly increased from 23,11,44,104 Equity Shares of Re. 1/- each to 23,16,24,104 Equity Shares of Re. 1/- each.

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Salem Erode Investments announces resignation of director
Jan 10,2017

Salem Erode Investments announced that Ravi Kumar Shah, a Non-Executive Director of the Company has resigned from his directorship in the Company vide his resignation letter.

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Chembond Chemicals to acquire balance stake in JVC - I Chembond Water Sdn Bhd, Malaysia
Jan 10,2017

Chembond Chemicals has entered into a Share Purchase Agreement (SPA) with (i) I-Chem Solution Sdn Bhd, Malaysia and (ii) I Chembond Water Sdn Bhd, Malaysia, whereby the Company, subject to the conditions to be fulfilled as per the SPA, would acquire additional 49% of the equity shares of I Chembond Water Sdn Bhd, Malaysia.

Post fulfillment of all the necessary terms, conditions & requirements as mentioned in the SPA, the Company would hold 100% of equity share capital of I Chembond Water Sdn Bhd, Malaysia. Further, pursuant to the fulfillment of the terms of the SPA, inter-alia, the Joint Venture (JV) Agreement with I-Chem Solution Sdn Bhd, Malaysia stands terminated.

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Board of Hind Rectifiers to consider rights issue
Jan 10,2017

Hind Rectifiers announced that a meeting of the Board of Directors of the Company will be held on 15 January 2017, inter alia :

1. To consider the appointment of Additional Director (Woman) of the Company;

2. To consider the appointment of Vandan Shah as Additional Director of the Company; and

3. To consider in principle, the issue of equity shares of the face value of Rs. 2/- each on a right basis (rights issue) to the existing equity shareholders of the Company.

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Aditya Birla Fashion & Retail appoints director
Jan 10,2017

Aditya Birla Fashion & Retail has informed BSE that the Board of Directors of the Company, by way of Circular Resolution passed on 10 January 2017 have appointed Sanjeeb Chaudhuri as an Additional Independent Director on the Board of the Company for a period of 5 (five) consecutive years with effect from 09 January 2017, subject to the approval of the shareholders of the Company at the ensuing Annual General Meeting.

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Concord Drugs announces change in company secretary
Jan 10,2017

Concord Drugs announced that Aakanksha Shukla has been appointed as the Compliance officer and Company Secretary of the company in place of Sonia Bidlan with effect from 10 January 2017.

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Endurance Technologies commences operations at new machining plant in Germany
Jan 10,2017

Endurance Technologies announced that Endurance Amann GmbH, Companys wholly owned subsidiary in Germany, has commenced operations at its new machining plant from 10 January 2017.

The plant is located at Massenbachhausen, Germany, in proximity to the existing two plants of Endurance Amann GmbH. The new plant admeasuring about 4,500 square meters will contain machining operations, warehouse and office facilities.

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Tata Motors announces group global wholesales
Jan 10,2017

Tata Motors Group global wholesale in December 2016, including Jaguar Land Rover, were 95,081 units, higher by 4% over December 2015. Cumulative wholesales for the fiscal were 8,22,807 units, higher by 9% over FY 2015-16.

Global wholesales of all Tata Motors commercial vehicles and Tata Daewoo range in December 2016 were 30,879 units, lower by 5% over December 2015. Cumulative commercial vehicles wholesales for fiscal were 2,84,681 units, higher by 4% over FY 2015-16.

Global wholesales of all passenger vehicles in December 2016 were 64,202 units, higher by 8% over December 2015. Cumulative passenger vehicles wholesales for fiscal were 5,38,126 units, higher by 6% over FY 2015-16.

Global wholes of Jaguar Land Rover were 53,063 units in December 2016. Cumulative wholes sales of Jaguar Land Rover for the fiscal were 4,22,294 units.

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Proseed India to announce December quarter results
Jan 10,2017

Proseed India announced that a meeting of the Board of Directors of the Company is scheduled to be held on 23 January 2017, inter alia. to consider and approve the Standalone unaudited financial results of the Company for the quarter ended 31 December 2016.

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Board of Texel Industries to consider December quarter results
Jan 10,2017

Texel Industries announced that a meeting of the Board of Directors of the Company is scheduled to be held on 24 January 2017, inter alia, to consider and approve Un-Audited Financial Results for the quarter ended 31 December 2016.

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Hindustan Hardy Spicer to announce December quarter results
Jan 10,2017

Hindustan Hardy Spicer announced that the Meeting of the Board of Directors of the Company is being convened on 30 January 2017 to interalia approve the Unaudited Financial Results for the Quarter ended 31 December 2016.

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Board of Steelcast to consider December quarter results
Jan 10,2017

Steelcast announced that the meeting of the Board of Directors of the Company is scheduled to be held on 24 January 2017, inter alia, to consider and approve the following items:

- Unaudited Financial Results for the quarter ended 31 December 2016.

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IL&FS Investment Managers to announce December quarter results
Jan 10,2017

IL&FS Investment Managers announced that the Board Meeting of the Company to consider, inter alia, the Unaudited Financial Results of the Company for the quarter ended 31 December 2016 will be held on 13 February 2017.

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Board of Zuari Agro Chemicals to consider December quarter results
Jan 10,2017

Zuari Agro Chemicals announced that the Board of Directors of the Company will be meeting on 27 January 2017, inter alia, to consider and approve the unaudited financial results (Provisional) for the quarter ended 31 December 2016.

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