At 10.59 am, Reliance Capital shares were trading 4.27 per cent up at Rs 416.25. The scrip opened at Rs 401.50 and had touched a high and low of Rs 416.80 and Rs 398.25, respectively, in trade so far.
Reliance Capital shares gained over 4 per cent in the morning trade on Wednesday after the company informed BSE that Reliance Capital Asset Management (RCAM), a part of Anil Ambani led Reliance Capital, has signed definitive agreements to acquire Goldman Sachs Asset Management’s (GSAM) onshore business in India for Rs 243 crore in an all-cash deal.
At 10.59 am, Reliance Capital shares were trading 4.27 per cent up at Rs 416.25. The scrip opened at Rs 401.50 and had touched a high and low of Rs 416.80 and Rs 398.25, respectively, in trade so far. Sensex was up 111.71 points at 27,418.54.
In a BSE filing, the company said, “Reliance Capital Asset Management will pay a total sum of Rs 243 crore (US$ 37.5 million) in cash to acquire all onshore mutual fund schemes, including exchange traded funds, of GSAM India.”
The Boards of both the companies – Reliance Capital Asset Management and Goldman Sachs Asset Management India – have already approved the transaction. The transaction is expected to be completed by the end of this financial year, subject to necessary regulatory approvals.
In the past one year, the share price of Reliance Capital slid 10.89 per cent to Rs 399.20 on October 15. Sensex gained 3.3 per cent during the same period.
For the quarter ended June 2015, Reliance Capital posted consolidated net profit of Rs 201 crore, up 22.56 per cent, against Rs 164 crore in the same quarter a year ago.
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