Reliance Capital surges 7% as co invites Nippon Life to acquire stake in Reliance Nippon Life

Nippon Life Insurance already holds 42.88 percent stake in RNAM.

Shares of Reliance Capital added 7.3 percent intraday Thursday after company invited Nippon Life to acquire stake in Reliance Nippon Life.

Reliance Capital has invited its partner, Nippon Life Insurance Co. to make an offer to acquire up to 42.88 percent stake held by Reliance Capital in Reliance Nippon Life Asset Management (RNAM), company said in release.

Nippon Life Insurance already holds 42.88 percent stake in RNAM.

Further announcements shall be made at the appropriate time, the company added.

At 12:38 hrs Reliance Capital was quoting at Rs 154.55, up Rs 9.50, or 6.55 percent on the BSE.

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