Shares in Reliance Capital Ltd rose as much as 3.4
percent on Wednesday after The Economic Times reported the company has
agreed to sell stakes of just under 5 percent in its consumer lending
unit to two Japanese firms, citing unidentified sources.
The newspaper
reported that Reliance Capital plans to spin off its consumer lending
business into a new unit and sell the minority stakes to Sumitomo Mitsui
Trust bank and Nippon Life Insurance, citing two people familiar with
the development.
Also read: Reliance Capital suspends gold sales to curb gold imports
The
stake sale is intended to boost Reliance Capital's chances of obtaining
a banking license ahead of the deadline for applications on July 1, The
Economic Times reported.
A Reliance Capital spokesman was not immediately available for comment. The Japanese firms were not immediately reachable.
Reliance Capital shares were up 3 percent at 9:28 am.
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Jumat, 14 Maret 2014
Reliance Capital shares rise on report of stake sale
Posted by Unknown on 21.46
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