Mumbai: Shares of Reliance Capital rose Friday following reports the company may sell a 10 percent stake to Japan's Sumitomo Mitsui Trust Holdings.
The stock gained 1.8 percent to end the day at Rs 634.95 on the BSE, after touching a high of Rs 643.
According to media reports, Mitsui Trust Holdings would pick up a 10 percent stake for about USD 400 million (Rs 2,400 crore). When contacted, a Reliance Capital spokesperson declined to comment.
The company currently commands a market value of about Rs 15,596 crore.
Reliance Capital is the financial services arm of the Anil Ambani-led business conglomerate Reliance Group and was an aspirant for a banking license.
In June 2013, Reliance Cap said it would apply for a new banking licence in partnership with Sumitomo Mitsui Trust Bank Ltd and Nippon Life Insurance Co, while the two Japanese firms would each pick up a 4-5 percent stake in the proposed bank.
However, Reliance Cap did not figure in the first list of bank licenses announced by the Reserve Bank of India and therefore the Mitsui-Nippon deal has not materialised.
