Reliance Cap rises on talk of stake sale in MF arm

BSE 23 May 12 | 12:00 AM

309.80		2.55 (0.83%)
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Code: 500111

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NSE 23 May 12 | 12:00 AM

309.95		2.45 (0.8%)
Mkt Price (Rs)		Chg Rs (Chg %)

Code: RELCAPITAL

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Reliance Cap rises on talk of stake sale in MF arm

SI Reporter / Mumbai 19 Jan 12 | 11:16 AM

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Reliance Capital (R-Cap) has moved higher by 5% at Rs 333 on reports that the company is expected to announce 26% stake sale in mutual fund arm, Reliance Asset Management Company to Japan’s Nippon Life Insurance Company for about 20 billion yen today.

Nippon Life has agreed to buy a 26% stake in the Reliance Capital subsidiary and the Japanese company is likely to announce the investment later in the day, the Reuters report suggests.

In December, the average assets under management (AUM) stood at Rs 84,299 crore (about $17 billion).

A combined around 4.08 million shares have changed hands on the counter so far on the NSE and BSE.