Reliance Capital gains on equity sale reports
Jun 27 2014 , Mumbai
The stock was trading 1.4 per cent higher at Rs 632.45 in early afternoon trade at the BSE after paring its initial gains. It touched a high of Rs 643 in the opening trade with a gain of over three per cent.
According to media reports, Mitsubishi Trust would pick up a 10 per cent stake for about USD 400 million (Rs 2,400 crore). When contacted, a Reliance Cap spokesperson declined to comment.
The company currently commands a market value of about Rs 15,500 crore.
Reliance Capital is the financial services arm of Anil Ambani-led business conglomerate Reliance Group and was one of the aspirants for a banking licences.
In June 2013, Reliance Cap had said it would apply for a new banking licence in partnership with Sumitomo Mitsui Trust Bank Ltd and Nippon Life Insurance Co, while the two Japanese firms would pick up 4-5 per cent stake each in the proposed bank.
However, Reliance Cap's name did not figure in the first list of new bank licences announced by RBI and therefore the Mitsubishi-Nippon deal has not materialised as yet.