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Shares of Reliance Capital today zoomed by nearly 10 per cent on the BSE after it said that Japan’s Nippon Life Insurance would acquire 26 per cent stake in its insurance arm for $680 million.
At present, Reliance Capital holds 100 per cent stake in Reliance Life Insurance.
Cheering the deal, the scrip advanced by 9.72 per cent to settle at Rs 561.80 a piece on the Bombay Stock Exchange. During intra-day, it rose 10.43 per cent to Rs 565.50.
The scrip settled 9.9 per cent higher at Rs 562.85 a piece on the National Stock Exchange as well. On the volume front, over one crore shares of the company were traded on the two bourses.
This is the largest Foreign Direct Investment deal in the Indian financial services sector as well as insurance.
Monday was a good trading session for the entire ADAG pack. Reliance Communications closed with a gain of 4.36 per cent, Reliance Infrastructure ended higher by 3.48 per cent, while Reliance Power rose 3.58 per cent and Reliance MediaWorks by 2.85 per cent.
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