In a statement to BSE, it was informed that Reliance Capital has invited Nippon Life Insurance to acquire up to 42.88 percent stake in Reliance Nippon Life Asset Management (RNLAM) held by the former. There were no further details provided. Nippon Life Insurance already holds 42.88 percent stake in RNLAM.
RNLAM is the asset management company that manages Reliance Mutual Fund.
Shares of the asset management company rose 20 percent to end at Rs 185.20 a piece on NSE, while that of Reliance Capital climbed close to 10 percent to 159.35/share.
The news also helped revive shares of other subsidiaries under the Reliance Anil Dhirubhai Ambani Group including Reliance Power, Reliance Communications and Reliance Infrastructure.