Anil Ambani led ADAG moves into retail, acquires 8.68% in Trent Ltd. | business | Hindustan Times
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Anil Ambani led ADAG moves into retail, acquires 8.68% in Trent Ltd.

Tata group firm Trent Ltd today said Anil Ambani-promoted Reliance Capital Asset Management has bought 8.68 per cent stake in it for Rs 21.2 crore, marking ADA Group's entry into the retail sector.

business Updated: Sep 03, 2010 13:11 IST

Tata group firm Trent Ltd today said Anil Ambani-promoted Reliance Capital Asset Management has bought 8.68 per cent stake in it for Rs 21.2 crore, marking ADA Group's entry into the retail sector.

In a filing to the Bombay stock Exchange (BSE) today, Trent Ltd said Reliance Capital purchased 3,86,582 shares through a rights subscription on August 31.

Trent's shares zoomed up to a new high to touch Rs 1,126 per share in morning trade on BSE, up by 5.03 per cent from the last closing.

Reliance Capital's scrips saw a jump of 0.66 per cent per share at Rs 780.40 in morning trade at the BSE.

Rel Cap's stake buy in Trent comes three months after Anil and his elder brother Mukesh Ambani scrapping a non- compete agreement in May that allowed each other to enter in
areas, which were hitherho not allowed due to a family settlement agreement struck in 2006.