Business
Reliance Capital scrip gains on pact with Japan’s Sumitomo
Mumbai: The scrip of Anil Ambani-led Reliance Capital rose by 2.94 percent Friday, a day after the company roped in Sumitomo Mitsui Trust Bank, Japan’s fourth largest, as a strategic partner with a pact for selling minority stake in the company.
After scaling the initial high the company’s scrip was trading with a gain of 1.07 percent or Rs.5.30 at Rs.502.65 per share around 2.15 p.m. on the Bombay Stock Exchange (BSE).
At this level, the scrip was still trading at a discount over the price at which Sumitomo Mitsui Trust Bank will acquire the Reliance Capital shares, which is Rs.540 per share, a revised letter for which was dispatched to the stock exchanges Friday.
In the past 52 weeks, the Reliance Capital scrip has seen a high of Rs.668.40 and a low of Rs. 304.55.
Besides being a strategic partner and a minority investor in the Indian firm, the Japanese lender also gave an assurance to give support to Reliance Capital as and when India’s central bank issues it a commercial banking licence.
According to the company which entered into the agreement with the Japanese financial powerhouse Thursday, Sumitomo will be acquiring a 2.77 percent stake in Reliance Capital for Rs.371 crore by way of a preferential allotment.
The acquisition will have a one-year lock-in period.
Reliance Capital on its part will advise Sumitomo’s global clients, notably on mergers and funding opportunities in India.
Business
Apple is giving a huge discount on its gadgets: Details inside
If you want to buy an iPhone and were waiting for a nice offer, then we have a piece of good news for you! Amazon Summer Sale May 2022 has begun and they are offering major discounts on various smartphones, laptops, and smart TVs, among others.
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Amazon Summer Sale May 2022: Discount offer on iPhone 13
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Buy at Rs. 64,900 (MRP – Rs. 79,900)
Features of Apple iPhone 13
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