Thursday, December 8th, 2022 21:01:58

Sumitomo Mitsui To Take $58.4 Mn Stake In Reliance Capital

Updated: January 17, 2015 6:00 am

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 530 rupees per share through preferential allotment, Reliance Capital said in a statement. The company added that 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.

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