Reliance Capital buys 8.7% stake in Trent for R21.2 cr
Tata Group firm Trent Ltd on Friday said Anil Ambani-promoted Reliance Capital has bought 8.68 per cent stake in it for R21.2 crore, marking the Anil Dhirubhai Ambani Group's entry into the retail sector. HT reports.business Updated: Sep 03, 2010 20:50 IST
Tata Group firm Trent Ltd on Friday said Anil Ambani-promoted Reliance Capital has bought 8.68 per cent stake in it for R21.2 crore, marking the Anil Dhirubhai Ambani Group's (ADAG) entry into the retail sector.
The purchase of cumulative compulsorily convertible preference shares of Trent was done by Reliance Capital Asset Management on behalf of various funds that it owns, including Reliance Equity Linked Saving Fund Series-I, Reliance Dual Advantage Fixed Tenure, Reliance Equity Opportunities Fund and Reliance Tax Saver Elss Fund.
Reliance Capital AMC in turn is the fund manager for these funds.
While the share purchase concluded on August 31, the announcement was made by Trent through a statement issued to the Bombay Stock Exchange on Friday.
As the news of the deal came in, shares of Trent initially jumped by 9.3 per cent but dipped slightly later to close the day with an overall gain of 6.2 per cent at R1,140 at the National Stock Exchange.
Shares of the Noel Tata-led company closed 5.50 per cent higher at Rs 1,131.05 on BSE.
Reliance Capital in turn saw its share price rise by 1.2 per cent to close the day at R784.1 per share on NSE, and by 0.99 per cent on BSE, to close the trade at R783.