Reliance Capital Rallies As Sumitomo Mitsui Trust Bk to Pick Stake

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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.

Reliance Capital Rallies As Sumitomo Mitsui Trust Bk to Pick Stake
Reliance Capital: Quotes, News
BSE 372.75BSE Quote2.95 (-0.79%)
NSE 373.15NSE Quote2.7 (-0.72%)
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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