Reliance Capital up 2.63% as Nippon hikes stake in Rel Life

Shares of Reliance Capital today surged 2.63 per cent after the company announced completion of additional 23 per cent stake sale in its life insurance unit to Japan's Nippon Life.
Shares of the company ended the day at Rs 370.40 on NSE, a rise of 2.63 per cent. Intra-day it gained 3.21 per cent to touch Rs 372.50.
On volume front, a total of 28,42,115 shares of the company changed hands on the exchange.
On BSE, the shares gained 2.55 per cent to close the day at Rs 369.90. During the day, it touched a high of Rs 372.40.
Nippon Life Insurance today completed acquisition of another 23 per cent stake in Reliance Life Insurance, taking its total holding to 49 per cent.

Reliance Capital, the holding company of Reliance Life, received Rs 2,265 crore for the deal.

Nippon Life's total investment has reached Rs 8,630 crore for acquiring 49 per cent stake each in Reliance Life Insurance and Reliance Capital Asset Management.
Reliance Life has managed a strong valuation of about Rs 10,000 crore and highest embedded value multiple across life insurance companies.
In line with the new shareholding structure, the name of the company will also be changed to Reliance Nippon Life Insurance Company Limited.
In March 2011, Nippon Life had picked up 26 per cent stake in the life insurance venture under Reliance Capital for Rs 3,062 crore.