Reliance Capital today announced that the existing Management Team of Reliance Securities group has entered into a binding agreement for buying out the Broking and Distribution business from Reliance Capital, subject to regulatory and other customary approvals.
Reliance Securities is 100% subsidiary of Reliance Capital.
Reliance Securities business includes Retail and Institutional broking, Third Party Distribution, Proprietary Trading and Structured Products.
Reliance Capital spokesperson said 'This management buyout transaction is part of our ongoing asset monetization plan and also reflects our stated intent to focus primarily on Life Insurance and General Insurance business as a way forward'.
Shares of RELIANCE CAPITAL LTD. was last trading in BSE at Rs.17.5 as compared to the previous close of Rs. 19.95. The total number of shares traded during the day was 1014164 in over 3921 trades.
The stock hit an intraday high of Rs. 20.25 and intraday low of 17.05. The net turnover during the day was Rs. 18331297.