Japan’s Sumitomo Mitsui Trust Bank has completed acquisition of 2.77% strategic stake in Reliance Capital. Reliance Capital said the stake is valued at Rs 371 crore and the amount has been received by the company. SMTB had agreed to acquire strategic stake, subject to regulatory and shareholders approvals, which have since been received. The stake has been acquired through preferential allotment, with a lock-in period of one year. The investment has been made at Rs 530 per share representing a premium of over 11% to the stock price of relevant date of Reliance Capital. Sumitomo Mitsui Trust Group is the fourth largest bank in Japan (in terms of market capitalization and corporate loans) and Japan’s largest financial institution, managing assets of $ 682 billion with assets under custody of $ 1.8 trillion.
