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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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State Bank of Mysore fixes record date for merger with State Bank of India
Mar 03,2017

State Bank of Mysore has fixed 17 March 2017 as record date for issue of shares of State Bank of India to eligible shareholders of State Bank of Mysore who are entitled to receive 22 equity shares of face value of Re 1 of State Bank of India for every 10 equity shares of face value of Rs 10 each held by them in State Bank of Mysore pursuant to acquisition of State Bank of Mysore by State Bank of India.

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Ujjivan Financial Services to allot 94,322 equity shares
Mar 03,2017

Ujjivan Financial Services announced that the Stakeholders Relationship Committee of the Board in its meeting held today on 03 March 2017 has approved the allotment of 94,322 Equity Shares of Rs. 10/- each towards the exercise of vested stock options under various ESOP Schemes of the Company.

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TCS recognised as Business Superbrand for 3rd consecutive year
Mar 03,2017

Tata Consultancy Services has been awarded the Business Superbrands status for the third year in a row by The Centre for Brand Analysis, following the most recent evaluation of the long running annual survey, which has been identifying the UKs leading business to business brands since 2001.

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Maruti Suzuki India announces production figures
Mar 03,2017

Maruti Suzuki India achieved production of 137155 units in month of February 2017 compared to 119677 units in February 2016.

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Gokul Agro Resources announces demise of director
Mar 03,2017

Gokul Agro Resources announced the demise of Mangharam Kotak - Independent Director of the Company on 02 March 2017.

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Shyam Century Ferrous announces resignation of CFO
Mar 03,2017

Shyam Century Ferrous announced that Sunil Kumar Jha, Chief Financial Officer (CFO) of the Company has resigned from the services of the Company. The Company has accepted his resignation and relieved him from his responsibilities effective close of the business hours of 27 February 2017.

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Wipro partners with First Book
Mar 03,2017

Wipro announced its partnership with First Book for distribution of approximately 43,000 books in Dallas. This book distribution partnership is part of Wipros broader corporate citizenship initiatives to engage with local communities where Wipro has a strong presence. This event is part of a three year partnership between Wipro and First Book to distribute more than 200000 books to children in need.

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Wipro partners with University of North Texas at Dallas
Mar 03,2017

Wipro and the University of North Texas at Dallas announced the expansion of the Wipro Science Education Fellowship Program in the United States.

The three year program, funded entirely by Wipro will commence in August 2017. In addition with the partnership with University of North Texas Dallas, Wipro has partnered with four other universities in the US.

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Nestle India collaborates launches Project Jagriti in Nagpur
Mar 03,2017

Nestle India in association with MAMTA Health Institute for Mother and Child, a national non-for-profit organization, launched Project Jagriti in Nagpur to create awareness about nutrition and the benefits of breastfeeding to positively impact health at key life stages.

The objective of this initiative is to accelerate the uptake of health services by improving continuum of care on health, nutrition and hygiene practices amongst adolescents, young couples and care givers.

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Owning a House Becomes Easier for Army Personnel
Mar 03,2017

Army personnel by virtue of deployment in remote areas find it extremely difficult to invest time in buying a good house, therefore, to fulfill this essential need and meet the aspirations, AWHO has come up with a pragmatic business model called the Private Industry Collaborative Business Model which will facilitate acquiring houses from reputed private builders at discounted prices for Army personnel & Veer Naris. A Pilot Project is being undertaken in Delhi/ NCR and based on its success, similar ventures will be executed in other locations.

Major advantages of this concept are detailed market research to identify the most suitable builder/ project, negotiations for price reduction, due diligence and buyer friendly terms & conditions. Prop Equity, a leading Real Estate Data & Analytics Consultant firm has been selected after a prolonged process to undertake the facilitation process forward.

This historical MoU was signed by Lt Gen Rakesh Sharma, UYSM, AVSM, VSM, Chairman (Ex-Officio) AWHO and Mr Samir Jasuja, MD, Prop Equity Analytics on 3 March 2017.

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Shriram Asset Management Co appoints director
Mar 03,2017

Shriram Asset Management Co has appointed Kshiti Ranjan Das as Additional Director of the Company with effect from 06 March 2017.

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Firstsource Solutions allots 442,500 equity shares
Mar 03,2017

Firstsource Solutions has allotted 442,500 Equity shares of Rs.10/- each on 24 February 2017, under Employee Stock Option Scheme 2003 of the Company. Consequent to the said allotment, the paid up capital of the Company has increased to Rs. 6,800,366,370 consisting of 680,036,637 Equity shares of Rs.10/- each.

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Raj Packaging Industries to hold board meeting
Mar 03,2017

Raj Packaging Industries will hold a meeting of the Board of Directors of the Company on 9 March 2017, to consider appointment of Ms. Khushboo Joshi as Whole time Company Secretary of the Company, Authorization for E-Trade Facility - Online with bank and any other business with the permission of the Chair.

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Sun TV Network to hold board meeting
Mar 03,2017

Sun TV Network will hold a meeting of the Board of Directors of the Company on 10 March 2017, to consider inter alia, declaration and payment of Interim Dividend if any, for the financial year 2016-17.

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Machino Plastics to hold board meeting
Mar 03,2017

Machino Plastics will hold a meeting of the Board of Directors of the Company on 11 March 2017.

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