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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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RINL Signs MoU with CCI for setting up Cement Plant
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Rashtriya Ispat Nigam Limited (RINL), the corporate entity of Visakhapatnam Steel Plant and Cement Corporation of India (CCI), a PSU under Ministry of Heavy Industries and Public Enterprises signed a Memorandum of Understanding (MoU) in Vishakhapatnam today to set up 2 mtpa Fly Ash and Blast Furnace Slag based Cement Plant in a Joint Venture in two phases of one million tonne capacity each. RINL generates a large quantity of BF slag and fly ash, prime raw material for the Cement Plant.

Sri Manoj Misra, Chairman cum Managing Director representing CCI and Sri P.C. Mohapatra, Director (Projects) representing RINL signed the MoU in the presence of Sri P Madhusudan CMD,RINL.

The JV Project cost is approximately Rs.150 Cr. RINL is offering around 35 acres of land for the proposed plant in its premises. The project is proposed to be completed in 15 months from the date of placement of order.

Speaking on the occasion, Sri P Madhusudan, CMD,RINL expressed confidence that CCI would set up the plant with state of the art technology in a pollution free environment, with professional way and in a time bound manner. He observed that CCI should show commitment with their expertise to translate the dream into reality and RINL would extend necessary support to realize the goal in this regard, he added.

Sri Manoj Misra, CMD said that CCI is one of the lowest cost producer of cement in the country and joining hands with RINL will be a win-win situation for both the Companies and help both the PSUs to offer more integrated product solutions to their customers.

Executive Directors and General Managers from RINL were present on the occasion.

The location of the proposed plant shall result in immense logistical cost benefits due to availability of BF slag and Fly ash. The nearby port shall also provide avenues for export of Cement as well as import of Clinker, if required. Plant and machinery available with CCI are expected to bring down the project cost. The cost data as indicated by CCI apparently makes CCI one of the lowest cost manufacturers of Clinker in India.

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