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Reliance Capital Rallies As Sumitomo Mitsui Trust Bk to Pick Stake
Shares in Reliance Capital rose 1.1 percent after the company said Japan's Sumitomo Mitsui Trust Bank will acquire an initial 2.77 percent stake for $58.4 million.
The stock was last trading at Rs 501 on the Bombay stock Exchange.
The deal will be valued at Rs 371 crore and to be carried out via a preferential allotment, will give Japan's is part of a long-term alliance and Sumitomo may increase stake in Reliance Capital further, CEO Sam Ghosh told CNBC-TV18 in an interview. "India is one of the favourable destinations for Sumitomo and this is a token investment," he said, adding that Rel Cap will be looking to set up a joint mergers and acquisition desk.
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