Reliance MF stock gains on reports Nippon Life may hike stake

Shares of Reliance Nippon gained as much as 7 per cent intraday on this news.

Reliance MF stock gains on reports Nippon Life may hike stake
MUMBAI: Shares of Reliance Nippon Life Asset Management ended up 2.33 per cent at Rs 201.7 on the BSE on Friday amid reports that Nippon Life is likely to acquire additional stake in the company from partner Reliance Capital.

Shares of Reliance Nippon gained as much as 7 per cent intraday on this news. Shares of Reliance Capital ended up 2.18 per cent at Rs 114.95 after rising as much as 8.2 per cent intra-day.

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, Reliance Capital had offered to offload its entire 42.88 per cent stake 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 each in Reliance Nippon Life Asset Management.

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