Sumitomo Mitsui Trust Bank of Japan (SMTB) today sold Reliance Capital shares worth $70 million (around Rs. 450 crore) to foreign investors through open market transaction, sources said.
SMTB had purchased the stake in Reliance Capital (RCAP) when it had applied for banking license.
However, since new RBI policy does not allow RCAP to hold more than 10% of a bank, SMTB has booked profit at Rs. 650 per share and sold its stake to FIIs, investment banking sources said.
Nomura Securities today placed 7 million shares of SMTB in RCAP with FIIs for $70 million, they included.
SMTB had purchased 2.77% 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% in morning trade on the BSE.