Reliance Capital Shares Surge As FDI Hike Limit in Insurance Bill Cleared

Business

oi-Sunil

By Sunil Fernandes

Published: Friday, March 13, 2015, 13:00 [IST]

Shares in Reliance Capital surged in trade despite markets falling after the Lok Sabha passed the Bill to FDI limit to 49 per cent in insurance. The Bill, already passed by the Lok Sabha, seeks to increase the cap on foreign direct investment (FDI) in the insurance sector from 26 per cent to 49 per cent.

Following the development, shares of company rose as much as 1 per cent in intra-day trade to Rs 495.95 apiece on the BSE.

The company meanwhile said it would be in talks with partners to increase stake in the company, following an increase in FDI limit.

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