Reliance Capital Ltd to issue 70 lakh Equity Shares to Sumitomo Mitsui Trust Bank

The Board of Directors of Reliance Capital Ltd at its meeting held on December 25, 2014, has approved a proposal to issue and allot 70,00,000 Equity Shares of face value of Rs.10 each at a premium of Rs.530 per share, aggregating to Rs.371 crore to Sumitomo Mitsui Trust Bank, Limited (SMTB) (Preferential Allotment), subject to necessary permissions, sanctions, approvals and applicable SEBI Regulations and other provisions of law and which is subject to approval of the Members of the Company.

The Board has also proposed to conduct an Extraordinary General Meeting of the Members of the Company on January 23, 2015 to consider the Preferential Allotment of Equity Shares under Chapter VIII of SEBI (Issue of Capital and Disclosure Requirements) Regulations, 2009, as amended ("SEBI ICDR Regulations") and Section 62 and Section 42 of the Companies Act, 2013 and Rules made there under and other applicable provisions of the law.

The "Relevant Date" for the Preferential Allotment of Equity Shares in terms of Regulation 71 of the SEBI ICDR Regulations is December 23,, 2014 and accordingly, the floor price in respect of the said Preferential Allotment, based on the pricing formula as prescribed under Regulation 76 of the SEBI ICDR Regulations, has been rounded off at Rs.530 per Equity Share.

Shares of RELIANCE CAPITAL LTD. was last trading in BSE at Rs.498.85 as compared to the previous close of Rs. 497.35. The total number of shares traded during the day was 1080692 in over 39417 trades.

The stock hit an intraday high of Rs. 512 and intraday low of 497. The net turnover during the day was Rs. 542440620.

Source : Equity Bulls

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