Shares of Reliance Nippon Life Asset Management jumped 7 per cent in morning trade on Friday, while those of Reliance Capital 8 per cent, after a media reports suggested Nippon Life is likely to acquire additional stake in the company from partner Reliance Capital.
As per reports Nippon Life will acquire a majority of Reliance Capital’s 43 per cent stake in the company for 70 billion yen, to increase its stake in Nippon Life Insurance to 70 per cent.
