Reliance Capital gains on equity sale reports

Tags: News
Shares of Reliance Capital today rose sharply following reports that the company may sell a 10 per cent stake to Japan's Mitsubishi Trust Holdings.

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.

Post new comment

E-mail ID will not be published
CAPTCHA
This question is for testing whether you are a human visitor and to prevent automated spam submissions.

EDITORIAL OF THE DAY

  • Those willfully defaulting on loans should be blacklisted by Sebi

    As reported by this newspaper’s Monday edition, the Securities and Exchange Board of India (Sebi) has found merit in the Reserve Bank of India’s s

FC NEWSLETTER

Stay informed on our latest news!

INTERVIEWS

GV Nageswara Rao

MD & CEO, IDBI Federal Life

Timothy Moe

Goldman Sachs

Chander Mohan Sethi

CMD, Reckitt Benckiser India

COLUMNIST

Arun Kumar Jain

Kickstarting technological innovation

One of the key dimensions of global competitiveness is the ...

Kuruvilla Pandikattu SJ

Developing moral, spiritual capacity

Writing in The Huffington Post, Noam Chomsky, professor emeritus, MIT ...

Gautam Gupta

Manufacturing must keep workers’ welfare in mind

It may be early days yet, but the labour reforms ...

INTERVIEWS

William D. Green

Chairman & CEO, Accenture