Sumitomo Mitsui to Take $58.4 Million Stake in Reliance Capital

Mumbai: Reliance Capital Ltd on Thursday said Japan's Bank Sumitomo Mitsui Trust will acquire an initial 2.77 per cent stake in the company for $58.4 million.

Sumitomo Mitsui will buy the stake at Rs 530 per share through preferential allotment, Reliance Capital said in a statement. The deal represents a premium of 6.5 per cent 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.

Copyright: Thomson Reuters 2014