Mumbai: Shares of Reliance Capital surged over 4 percent Wednesday following reports that the company is all set to sell its 16 percent stake in leading travel portal Yatra.Com for an estimated Rs 500 crore.
Reliance Capital's stock gained 4.34 percent to settle at Rs 538 on the BSE. During the day, it climbed 4.9 percent to Rs 540.90. At the NSE, the scrip closed 4.56 percent higher at Rs 539.
In terms of volume, 12.36 lakh shares of the company changed hands at the BSE, while over 63 lakh shares were traded at the NSE during the day.
Looking to cash in on e-commerce boom, Reliance Capital is all set to sell its 16 percent stake in leading travel portal Yatra.Com for an estimated Rs 500 crore and is in talks with 2-3 international investors.
The deal would mark an over 12-times appreciation for this investment by Reliance Capital, the financial services arm of Anil Ambani-led business conglomerate Reliance Group, which had acquired a 16 percent stake in the online travel company for Rs 40 crore in 2006.
Sources said that Reliance Cap is in talks with 2-3 leading international investors to sell this 16 percent stake for an estimated USD 80 million (about Rs 500 crore). The identity of the interested buyers could not be ascertained.
A Reliance Capital spokesperson said: "We continuously evaluate opportunities to unlock the value of our minority investments to enhance shareholders value."
