Press Esc to close
Monday 02 March 2015
News updated at 12:46 AM IST
Weather
Max: 31.7°C
Min : 16.9°C
In Bengaluru
clear sky

Reliance Capital surges over 3 pc on stake sale buzz

Mumbai, Nov 20 , 2012 (PTI)

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
Cambodian artists presenting dance-drama at the International Ramayana Mela...

Cambodian artists presenting dance-drama at the International Ramayana Mela...

Cyclist at the Rajpath as the national capital received early morning showers in New Delhi...

Cyclist at the Rajpath as the national capital received early morning showers in New Delhi...

A waterlogged street after the early morning showers in the national capital...

A waterlogged street after the early morning showers in the national capital...

A train moves through snow covered railway track as the region received heavy snowfall in Anantnag..

A train moves through snow covered railway track as the region received heavy snowfall in Anantnag..

Artists dressed up as Hindu deities Lord Krishna and Radha play Holi...

Artists dressed up as Hindu deities Lord Krishna and Radha play Holi...

People throw coloured powder as they celebrate Lathmar Holi at Nandgaon...

People throw coloured powder as they celebrate Lathmar Holi at Nandgaon...

Prime Minister Narendra Modi with the new Chief Minister of Jammu and Kashmir Mufti Mohammad Syeed..

Prime Minister Narendra Modi with the new Chief Minister of Jammu and Kashmir Mufti Mohammad Syeed..

Sangakkara and Thirimanne celebrate beating England in their Cricket World Cup match in Wellington..

Sangakkara and Thirimanne celebrate beating England in their Cricket World Cup match in Wellington..

Sangakkara congratulates team mate Perera who celebrates talking the wicket of England's Morgan...

Sangakkara congratulates team mate Perera who celebrates talking the wicket of England's Morgan...

Pakistan players celebrate with wicket of Zimbabwe's Chamunorwa Chibhabha during the Pool B Cricket.

Pakistan players celebrate with wicket of Zimbabwe's Chamunorwa Chibhabha during the Pool B Cricket.

Copyright 2014, The Printers (Mysore) Private Ltd., 75, M.G Road, Post Box 5331, Bengaluru - 560001
Tel: +91 (80) 25880000 Fax No. +91 (80) 25880523