Shares of Reliance Capital today surged by over 4 per cent on BSE after

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the company completed the sale of 26 per cent stake in its life insurance venture Reliance Life to Japan's Nippon Life for over Rs 3,000 crore.

The company's shares ended the day at Rs 336, up 4.59 per cent on the BSE. During the day, the stock climbed 5.19 per cent and touched a high of Rs 337.95.

On NSE, its shares closed with 4.09 per cent gains at Rs 334.70.

The entire transaction proceeds of Rs 3,062 crore ($ 680 million) from the Japanese financial services major have been duly received by the company.

The transaction, which was announced in March, pegs the total valuation of Reliance Life Insurance at approximately Rs 11,500 crore ($ 2.6 billion). Following the deal, Reliance Capital will hold a 74 per cent stake in Reliance Life.