Reliance Cap shares surge over 11%; m-cap climbs Rs 1,186 cr

Shares of Reliance Capital soared over 11 per cent, adding Rs 1,185.78 crore to its market valuation, after the company announced completing sale of 2.77 per cent stake for Rs 371 crore to Japan's Sumitomo Mitsui Trust Bank.
The stock climbed 10.92 per cent to settle at Rs 489.95 on the BSE. During the day, it surged 11.51 per cent to Rs 492.55.
On the NSE, it zoomed 11.35 per cent to end at Rs 492.
Led by the sharp rally in the stock the company's market value rose by Rs 1,185.78 crore to Rs 12,034.78 crore.
In terms of volume, 16.10 lakh shares of the company changed hands at the BSE and over 83 lakh shares were traded at the NSE during the day.

Preparing for its banking foray, Reliance Capital has completed sale of 2.77 per cent stake for Rs 371 crore to Japan's Sumitomo Mitsui Trust Bank, which would be a strategic partner in the proposed bank.
Reliance Capital, the financial services arm of Anil Ambani-led conglomerate Reliance Group, said in a statement today that Sumitomo Mitsui Trust Bank (SMTB) has completed the acquisition of this 2.77 per cent strategic stake and the entire sale proceeds of Rs 371 crore has been received by it.
Reliance Capital said it would establish a new bank in India with support of SMTB as a strategic partner, as and when the RBI policy permits.