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Japanese bank acquires Rs.371 crore stake in Reliance Capital

Fri, Jan 23, 2015, 03:15 PM
Mumbai, Jan 23: The Japan-based Sumitomo Mitsui Trust Bank (SMTB) has acquired a minority stake in the Anil Ambani-led Reliance Capital Ltd (RCL) -- part of the Reliance Group -- for Rs.371 crore.

"As part of the agreement, SMTB will be taking an initial 2.77 percent strategic stake in RCL amounting to Rs.371 crore ($58.4 million) through preferential allotment, with a lock-in period of one year. The investment is being made at Rs.530 per share representing a premium of over 11 percent to the stock price of relevant date of RCL," the Indian capital firm said in a statement.

Sumitomo Mitsui Trust Group is the fourth largest bank in Japan (in terms of market capitalization and corporate loans) and Japan's largest financial institution managing assets of $682 billion with assets under custody of $1.8 trillion as of September 2014.
Agency: IANS
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