Rel Cap says Sumitomo may up stake further

Reliance Anil Dhirubhai Ambani Group (ADAG) on Thursday announced a strategic alliance with Sumitomo Mitsui Trust Bank in which the Japanese bank would pick up 2.77 percent stake in Reliance Capital

India is one of the favourable destinations for Sumitomo and this is a token investment.

Sam Ghosh

CEO

Reliance Capital

Reliance Anil Dhirubhai Ambani Group (ADAG) on Thursday announced a strategic alliance with Sumitomo Mitsui Trust Bank in which the Japanese bank would pick up 2.77 percent stake in Reliance Capital , the group's non-banking financial company that has interests in financing, asset management and insurance.

The deal, valued at Rs 371 crore and to be carried out via a preferential allotment, will give Japan's is part of a long-term alliance and Sumitomo may increase stake in Reliance Capital further, CEO Sam Ghosh told CNBC-TV18's Sonia Shenoy and Latha Venkatesh in an interview.

"India is one of the favourable destinations for Sumitomo and this is a token investment," he said, adding that Rel Cap will be looking to set up a joint mergers and acquisition desk.

On a question related to Reliance Capital's insurance business, Ghosh said the firm is looking to set up a separate entity focusing on health insurance and may rope in a partner for the same.

In 2011, Reliance Capital, which had total debt of about Rs 18,305 crore as of September, had sold 26 percent stake in its life insurance business to Japan's Nippon. Nippon also picked up 26 percent stake in its asset management business in 2012 and increased it to 35 percent in November this year.

Also read: Sumitomo Mitsui buys 2.77% in Reliance Cap for $58.4 mln

Rel Capital stock price

On December 26, 2014, at 11:05 hrs Reliance Capital was quoting at Rs 499.95, up Rs 2.60, or 0.52 percent. The 52-week high of the share was Rs 668.40 and the 52-week low was Rs 304.55.

The company's trailing 12-month (TTM) EPS was at Rs 17.55 per share as per the quarter ended September 2014. The stock's price-to-earnings (P/E) ratio was 28.49. The latest book value of the company is Rs 472.71 per share. At current value, the price-to-book value of the company is 1.06.

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