Reliance Cap buys 8.68% in Trent for Rs21.2 cr

Reliance Cap buys 8.68% in Trent for Rs21.2 cr

New Delhi: Tata group firm Trent Ltd today said Anil Ambani-promoted Reliance Capital has bought 8.68% stake in it for Rs21.2 crore, marking ADA Group’s entry into the retail sector.

In a filing to the Bombay stock Exchange (BSE) today, Trent Ltd said Reliance Capital purchased 3,86,582 shares through a rights subscription on 31 August.

Trent’s shares shot up to a new high to touch Rs1,126 per share in morning trade on BSE, up by 5.03% from the last closing.

Reliance Capital’s scrips saw a jump of 0.66% per share at Rs780.40 in morning trade at the BSE.

Rel Cap’s stake buy in Trent comes three months after Anil and his elder brother Mukesh Ambani scrapping a non- compete agreement in May that allowed each other to enter in areas, which were hitherho not allowed due to a family settlement agreement struck in 2006.