NEW DELHI: Shares of Reliance Nippon Life Asset Management jumped 7 per cent in morning trade on Friday, while those of Reliance Capital 8 per cent, after a media reports suggested Nippon Life is likely to acquire additional stake in the company from partner Reliance Capital.
As per reports Nippon Life will acquire a majority of Reliance Capital’s 43 per cent stake in the company for 70 billion yen, to increase its stake in Nippon Life Insurance to 70 per cent.
In February this year, Reliance Capital had offered to offload its entire stake 42.88 per cent in the insurance joint venture to the Japanese partner.
Till March 2019, both Reliance Capital and Nippon Life Insurance Company held 42.88 per cent shares each in Reliance Nippon Life Asset Management.
For March quarter, Reliance Nippon Asset Management reported 34 per cent YoY rise in net profit at Rs 151 crore.
Shares of Reliance Nippon Life Asset Management traded 3.88 per cent up at Rs 204.75 around 9:50 am on
BSE. Shares of Reliance Capital climbed 3.51 per cent to Rs 116.45. The scrip was up 8 per cent in early trade.