SMTB had purchased the stake in Reliance Capital (RCAP) when it had applied for banking license.
However, since new RBI policy does not permit RCAP to hold more than 10 per cent of a bank, SMTB has booked profit at Rs 650 per share and sold its stake to FIIs, investment banking sources said.
Nomura Securities today placed 7 million shares of SMTB in RCAP with FIIs for USD 70 million, they added.
Reliance Capital spokesperson declined to comment on the development.
Shares of Reliance Capital were trading at Rs 659.15, down 1.47 per cent in morning trade on the BSE.
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