Press Esc to close
Wednesday 23 August 2017
News updated at 4:42 AM IST

Reliance Capital surges over 3 pc on stake sale buzz

Mumbai, Nov 20 , 2012 (PTI) 12:46 IST
Shares of Reliance Capital today surged more than three per cent on the bourses after the company said it is in talks for stake sale in its general insurance arm.

Reliance Capital group has begun talks to sell 26 per cent equity in its general insurance arm to a foreign partner, and has said it is open to selling further stake in life insurance and mutual fund units.

Reacting to the development, shares of the company opened on a bullish note and surged 3.19 per cent to an intra-day high of Rs 387.95 on the BSE.

A similar movement was seen on the National Stock Exchange as well, where the stock of the company opened at Rs 383.10 and then rose to a day's high of Rs 387.90, higher by 3.15 per cent.

Market experts said the uptick in the counter is largely on the back of the stake sale report.
Reliance Capital CEO Sam Ghosh has said that the group is open to the idea of selling further stake in its life insurance unit, Reliance Life, as also in mutual funds arm, Reliance Capital Asset Management Company, at an appropriate time.

Ghosh, however, did not disclose any names or potential deal size for Reliance General Insurance stake sale.

Currently, foreign investment is capped at 26 per cent in the insurance business in India, but there are no such caps in the mutual funds segment. However, the government has proposed increasing the foreign investment limit in the insurance sector to 49 per cent.

Go to Top

Photo Gallery
A boy running on a wooden bridge through a floating garden of lotus flowers on...

A boy running on a wooden bridge through a floating garden of lotus flowers on...

After their wedding ceremony, groom and bride, Nathan Mauger, Connie Young with...

After their wedding ceremony, groom and bride, Nathan Mauger, Connie Young with...

The moon passes in front of the sun for a total solar eclipse visible...

The moon passes in front of the sun for a total solar eclipse visible...

The sun rises over the coal-fired power station...

The sun rises over the coal-fired power station...

Sikh devotees pray near the Sikh holy book, Guru Granth Sahib, during at the Golden Temple...

Sikh devotees pray near the Sikh holy book, Guru Granth Sahib, during at the Golden Temple...

Chicken traders sell chicken in a market, in...

Chicken traders sell chicken in a market, in...

Bollywood actor Varun Dhawan, Jacqueline Fernandez and Taapsee Pannu at the launch...

Bollywood actor Varun Dhawan, Jacqueline Fernandez and Taapsee Pannu at the launch...

Iceland horses run together in their paddock in Wehrheim...

Iceland horses run together in their paddock in Wehrheim...

Devotees participate in the Peli and Kali Marbat procession as part of Pola festival...

Devotees participate in the Peli and Kali Marbat procession as part of Pola festival...

Bollywood actors Jacqueline Fernandez and Aditya Roy Kapur walk the ramp during the grand finale...

Bollywood actors Jacqueline Fernandez and Aditya Roy Kapur walk the ramp during the grand finale...

Like us on Facebook

Copyright 2017, The Printers (Mysore) Private Ltd., 75, M.G Road, Post Box 5331, Bengaluru - 560001
Tel: +91 (80) 25880000 Fax No. +91 (80) 25880523
Powered by Yodasoft Technologies Pvt. Ltd.