Sector News

Sumitomo Mitsui to take $58.4 million stake in Reliance Capital

December 29, 2014
Chemical Value Chain
(Reuters) – Reliance Capital Ltd on Thursday said Japan’s Bank Sumitomo Mitsui Trust will acquire an initial 2.77 percent stake in the company for $58.4 million.
 
Sumitomo Mitsui will buy the stake at 530 rupees per share through preferential allotment, Reliance Capital said in a statement. The deal represents a premium of 6.5 percent over the stock’s Wednesday close.
 
Reliance Capital also said it intends to establish a new bank in India with Sumitomo Mitsui as a strategic partner, when the central bank’s policies permit its formation.
 
(Reporting by Aman Shah in Mumbai; Editing by Robin Pomeroy)

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