Reliance Nippon Life Asset Management, commonly referred to as Reliance Mutual Fund, has the highest market capitalisation among the seven listed companies belonging to the Anil Dhirubhai Ambani Group (ADAG).
The stock of Reliance Nippon Life Asset Management has soared 50 per cent from its Tuesday’s intra-day low of Rs 149 on the BSE.
Reliance Capital was up 5 per cent to Rs 169 in intra-day trade, extending its previous day’s 11 per cent surged on the BSE.
“If the deal goes through, Japan's Nippon Life will end up with a 85.76 per cent stake in Reliance MF. The deal will also trigger an open offer as it will result in change of ownership. Under the Securities and Exchange Board of India's (Sebi's) takeover code regulation, the open offer will have to be made to public shareholders of Reliance Nippon MF, who hold 14.25 per cent,” the Business Standard reported. CLICK HERE TO READ FULL REPORT
Meanwhile other ADAG stocks – Reliance Communications (up 19 per cent to Rs 7.53), Reliance Home Finance (8 per cent at Rs 29.65), Reliance Power (6 per cent at Rs 11.90), Reliance Naval and Engineering (5 per cent at Rs 9.50) and Reliance Infrastructure (5 per cent at Rs 130) – have rallied by up to 19 per cent in intra-day trade on the BSE. In comparison, the S&P BSE Sensex was down 0.1 per cent at 35,863 points.
Reliance Communication (RCom) hit an intra-day high of Rs 7.53, and has rallied 32 per cent from its Thursday’s low of Rs 5.72, after the company sought urgent approval from its lenders for release of about Rs 260 crore lying in its bank account, directly to the Swedish telecom gear maker Ericsson.