New Delhi: Sumitomo Mitsui Trust Bank of Japan (SMTB) on Wednesday sold Reliance Capital Ltd’s shares worth $70 million (around Rs450 crore) to foreign investors through open market transaction, people closed with the development said.

SMTB had purchased the stake in Reliance Capital (RCAP) when it had applied for banking license.

However, since new RBI policy does not permit RCAP to hold more than 10% of a bank, SMTB has booked profit at Rs650 per share and sold its stake to FIIs, people aware of the matter said. Nomura Securities on Wednesday placed 7 million shares of SMTB in RCAP with FIIs for $70 million, they added.

SMTB had bought 2.77% in RCAP for Rs371 crore and have now sold for Rs450 crore through open market transaction. Reliance Capital spokesperson declined to comment on the development.

Shares of Reliance Capital were trading at Rs659.15, down 1.47% in morning trade on the BSE.