Sumitomo Mitsui Trust Bank of Japan (SMTB) has sold Reliance Capital shares worth $70 million (around Rs 450 crore) to foreign investors through open market transaction.
According to sources, SMTB had purchased the stake in Reliance Capital (RCAP) when it had applied for banking licence.
However, since the new RBI policy does not permit RCap to hold more than 10 per cent of a bank, SMTB has booked profit at Rs 650 per share and sold its stake to FIIs, investment banking sources said.
Nomura Securities has bought 7 million shares of SMTB in RCap with FIIs for $70 million, they added.
SMTB had bought 2.77 per cent in RCap for Rs 371 crore and have now sold for Rs 450 crore through open market transaction.
Reliance Capital spokesperson declined to comment on the development. Shares of Reliance Capital were trading at Rs 659.15, down 1.47 per cent in the morning trade on the BSE.