Reliance Capital rallies on plans to seek banking license
Sumitomo Mitsui Trust Bank and Nippon Life Insurance, financial institutions from Japan, propose to take between 4-5% stake each in the proposed new bank.
Reliance Capital has rallied over 5% to Rs 331 after the Anil Ambani promoted non-banking financial (NBFC) company said that it will be submitting an application for a banking license with the Reserve Bank of India.
“Sumitomo Mitsui Trust Bank and Nippon Life Insurance, two leading financial institutions from Japan, propose to take between 4-5% stake each in the proposed new bank, subject to necessary regulatory approvals, etc,” Reliance Capital said in a regulatory filing.
Reliance Capital will be the promoter of the proposed new bank.
The stock opened at Rs 321 and hit a high of Rs 333 on NSE. A combined 4.13 million shares have changed hands on the counter till 1137 hours on NSE and BSE.
“Sumitomo Mitsui Trust Bank and Nippon Life Insurance, two leading financial institutions from Japan, propose to take between 4-5% stake each in the proposed new bank, subject to necessary regulatory approvals, etc,” Reliance Capital said in a regulatory filing.
Reliance Capital will be the promoter of the proposed new bank.
The stock opened at Rs 321 and hit a high of Rs 333 on NSE. A combined 4.13 million shares have changed hands on the counter till 1137 hours on NSE and BSE.