Reliance Capital shares gain over 2 pc

Shares of Reliance Capital rose by over 2 per cent Friday after the company reiterated that it had invited Nippon Life Insurance to acquire up to 42.88 per cent stake held by RCap in Reliance Nippon Life Asset Management. The scrip gained 2.18 per cent to close at Rs 114.95 on the BSE. During the day, it rose sharply by 8.22 per cent to Rs 121.75.

At the NSE, shares climbed 1.68 per cent to close at Rs 114.50. Shares of Reliance Nippon Life Asset Management went up by 2.33 per cent to close at Rs 201.70 on the BSE.

BSE had sought clarification from Reliance Capital (RCap) earlier Friday regarding news reports related to the transaction. In its reply, RCap said, "With reference to your email dated May 17, 2019, on the subject, you may kindly note that Reliance Capital had invited its partner Nippon Life Insurance Company to make an offer to acquire up to 42.88 per cent stake held by Reliance Capital in Reliance Nippon Life Asset Management."

Further announcements in this regard shall be made at the appropriate time, the filing added. Japan's Nippon Life Insurance already holds 42.88 per cent stake in Reliance Nippon Life Asset Management (RNAM).

Anil Ambani-led Reliance Capital (RCap) had in February invited Nippon Life Insurance to acquire its entire 42.88 per cent stake in RNAM.

(This story has not been edited by Devdiscourse staff and is auto-generated from a syndicated feed.)