Sumitomo Mitsui Trust Bank of Japan (SMTB) today sold its entire 2.77 per cent stake in Reliance Capital for about Rs 456 crore through open market transactions.
Foreign investors, including Royal Bank of Scotland Plc, have purchased stake in the company.
SMTB had purchased the stake in Reliance Capital (RCap) when the latter had applied for a banking licence. The Japanese major was planning to be a strategic partner in the proposed banking venture.
According to bulk deal data available with BSE, SMTB offloaded a total of 70 lakh shares of Reliance Capital, amounting to 2.77 per cent stake.
The shares were sold at an average price of Rs 650.85, valuing the transaction at Rs 455.60 crore.
SMTB has sold its stake at a higher value. It had bought 2.77 per cent in RCap for Rs 371 crore.
Meanwhile, Royal Bank of Scotland Plc has picked up 1,720,087 shares of the company for Rs 112 crore.
Shares of Reliance Capital today closed at Rs 658.50 on the BSE, down 1.57 per cent from the previous close.
Reliance Capital is present across a host of financial services segments, including insurance, mutual funds, commercial and home finance, broking and wealth management.
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