Reliance Capital picks up six per cent stake in Global Broadcast News

Our Corporate Bureau
14 February 2007

The company acquired 16.75 lakh shares, representing 6.27 per cent stake of GBN through an open market transaction on BSE.

Reliance Capital consolidated net profit increased 36.89 per cent to Rs 921.70 million for the quarter ended Dec. 31, 2006 and total income jumped 2.90 times to Rs 4360.50 million for the same period.

Reliance Capital is a leading private sector financial services company with interests in asset management, mutual funds, life and general insurance, private equity, stock broking and other activities in financial services.

Reliance Mutual Fund through various schemes has exposure in various media companies.

On a stand-alone basis, the company reported a rise of 11.60 per cent in net profits at Rs72.57 crore for the quarter ended December 2006 compared with Rs64.98 crore for the quarter ended December 2005.

In terms of net worth, RCL ranks among the top 3 companies in the private financial services and banking sector in the country.