Reliance Nippon AMC rises after Nippon Life hikes stake

Reliance Nippon Life Asset Management rose 2.75% to Rs 258 after the company said that Nippon Life Insurance Company has increased 10.59% stake in the company.

Nippon Life Insurance Company acquired an additional 6.48 crore equity shares, or 10.59% stake of the total issued and paid up equity share capital of the firm. Post acquisition, Nippon Life Insurance Company has increased its stake to 53.46% from 42.88% earlier.

Reliance Nippon Life Asset Management has now become a subsidiary of Nippon, which intends to continue running the company and its operations without any change in its structure and management. The announcement was made after market hours yesterday, 26 August 2019.

Shares of Reliance Nippon Life Asset Management surged 10.65% in four trading sessions to its current market price of Rs 258, from a recent closing low of Rs 233.15 on 21 August 2019.

On BSE, 27,000 shares were traded in Reliance Nippon Life Asset Management counter, compared to a 2-week average of 41,000 shares. The stock hit an intraday high of Rs 259 and an intraday low of Rs 253.65.

It hit a 52-week high of Rs 259.65 on 13 August 2019 and a 52-week low of Rs 120.20 on 14 February 2019.

Reliance Nippon Life Asset Management, formerly Reliance Capital Asset Management, is an asset management company. The firm is the asset manager of Reliance Mutual Fund.

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