Mumbai: Sumitomo Mitsui Trust Bank acquired a minority stake in the Anil Ambani-led Reliance Capital Ltd (RCL) — part of the Reliance Group — for Rs 371 crore.
The Indian capital firm said in a statement, “As part of the agreement, SMTB will be taking an initial 2.77 percent strategic stake in RCL amounting to Rs 371 crore ($58.4 million) through preferential allotment, with a lock-in period of one year. The investment is being made at Rs 530 per share representing a premium of over 11 percent to the stock price of relevant date of RCL.”
CEO Sam Ghosh said in a statement, “(It) will help the company tap new growth opportunities and expand our existing business.” Sumitomo Mitsui Trust Group is the fourth largest bank in Japan (in terms of market capitalization and corporate loans) and Japan`s largest financial institution managing assets of $682 billion with assets under custody of $1.8 trillion as of September 2014.
