Fifa World Cup
Homefinance News

Reliance Nippon AMC shares surge as Reliance Capital invites Nippon Life to buy stake

Reliance Nippon AMC shares surge as Reliance Capital invites Nippon Life to buy stake

Reliance Nippon AMC shares surge as Reliance Capital invites Nippon Life to buy stake
Profile image

By CNBC-TV18 Feb 21, 2019 2:59:36 PM IST (Updated)

Shares of Reliance Nippon Life Asset Management Company surged after Reliance Capital invited partner Nippon Life Insurance Company Ltd to acquire stake in Reliance Nippon Life AMC.

Shares of Reliance Nippon Life Asset Management Company were locked in 20 percent upper circuit at Rs 187.05 per share after Reliance Capital invited partner Nippon Life Insurance Company Ltd to acquire a stake in Reliance Nippon Life AMC.

Recommended Articles

View All

"Reliance Capital Ltd. has invited its partner, Nippon Life Insurance Co. Ltd. to make an offer to acquire up to 42.88% stake held by Reliance Capital in Reliance Nippon Life Asset Management Ltd," said the company in a BSE filing.
Nippon Life Insurance currently holds a 42.88% stake in Reliance Nippon Life AMC.
Reliance Nippon Life AMC reported a net profit of about Rs 110 crore in the quarter ended December 31, 2018. The company earned about Rs 350 crore revenue from operations for the third quarter. The company board also declared an interim dividend of Rs 3 per share.
At 12.32 PM, Reliance Nippon shares were trading 12.57 percent higher, at Rs 175.50 per share on the BSE.
Shares of Reliance Capital traded 9 percent up at Rs 158 per share. RCom shares jumped 4.48 percent to Rs 6.06 per share.
Check out our in-depth Market Coverage, Business News & get real-time Stock Market Updates on CNBC-TV18. Also, Watch our channels CNBC-TV18, CNBC Awaaz and CNBC Bajar Live on-the-go!