Reliance Group stocks surged for the second consecutive session after Reliance Capital offered to offload its 42 percent stake in the insurance joint venture to its partner Nippon Life Insurance on Thursday. While Reliance Nippon Life Asset Management opened 3.5 percent higher compared to its last close at Rs 187.05 and reached almost 20 percent up to a high price of Rs.224.45, Reliance Communications gained 13% to 7.15 level.
On NSE, Reliance Nippon Life Asset Management gained to a high of Rs 211.90 from the previous close of Rs 185.2.
At 9:40 am, Reliance Nippon Life Asset Management share price traded at Rs 207.55,20 points up on BSE and Rs 205.70, 20.50 points up on NSE. The share is 28 percent below the 52 weeks high (Rs. 286) in both the exchanges.
While Reliance Power gained 2.68% to 11.50, Reliance Infrastructure rose 5.14% to 130.80 on the BSE.
From the previous close of Rs 161.20, Reliance Capital rose to an intraday high of Rs 168.6, 4.5 percent up on BSE.
The stock was trading at a share price of Rs 166.70, 5.5 points or 3.7 percent up.
On NSE, the share price rose 4.4 percent up to the intraday high of Rs 168.5 from the previous close of Rs 161.35 at 9:50 am. The company lists among the top gainers in BSE as well.
Anil Ambani-led Reliance Capital (RCap) Thursday said it has invited Nippon Life Insurance to acquire up to 42.88 per cent, which is its entire stake, in Reliance Nippon Life Asset Management Ltd (RNAM).
Japan's Nippon Life Insurance Co. Ltd. already holds 42.88 per cent stake in RNAM.
"Reliance Capital Ltd has invited its partner, Nippon Life Insurance Co Ltd to make an offer to acquire up to 42.88 per cent stake held by Reliance Capital in Reliance Nippon Life Asset Management Ltd," Reliance Capital said in a regulatory filing.
The company said it will make further announcements at the appropriate time. As per BSE data, as on December 31, 2018, Reliance Capital held 42.9 per cent stake in Reliance Nippon Life Asset Management Ltd. Anil Ambani-led Reliance Group companies have been trying to monetise some of their assets and bring down the debt significantly.