Reliance buys Trent shares

Reliance Capital has bought 8.68 per cent stake in Tata’s Trent for Rs 21.2 crores, marking the

Anil Dhirubhai Ambani Group’s entry into the retail sector. The purchase of cumulative compulsorily convertible preference shares of Trent was done by the 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 manager for these funds.

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 the National Stock Exchange. Where as, shares of the Noel Tata-led company closed 5.50 per cent higher on BSE. Reliance Capital in turn saw its share price rise by 1.2 per cent on NSE. Reliance Capital, a constituent of S&P CNX Nifty and MSCI India, is a part of the Reliance Anil Dhirubhai Ambani Group. It is one of India’s leading and most valuable financial services companies in the private sector. Reliance Capital Services aims to be the most preferred one-stop shop for all financial solutions and will also offers customized money solutions. Future plans include expanding and strengthening its distribution network and offering a diverse array of products and services to suit the varied and specific needs of individual customers.