Reliance Capital surges on talks of stake sale

Business

oi-Sunil

By Sunil Fernandes

Published: Tuesday, November 20, 2012, 10:44 [IST]

Shares of Reliance Capital surged today after reports that the company is in talks to sell 26 percent stake in general insurance arm.

Shares of the company were trading higher by 2% at Rs 383 on the Bombay Stock Exchange.

"We are in talks for sale of 26 per cent stake in general insurance business to a foreign strategic partner," Reliance Capital CEO Sam Ghosh reportedly said in an interview.

Reliance Capital, is the financial services arm of Anil Dhirubhai Amban Group and has already sold 26 per cent stake in each of its mutual funds and life insurance units to Japanese financial services major Nippon Life.

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