Reliance Capital buys 6.68 per cent in retailer Trent
03 Sep 2010
Indian retailer Trent Ltd, part of the Tata Group, said on Friday that Reliance Capital Asset Management, part of the Anil Dhirubhai Ambani group, had acquired 8.68 per cent in the company.
The Reliance Capital unit acquired the shares on 31 August for Rs21.26 crore, Trent said in a statement to the Bombay Stock Exchange. The acquisition marks the ADA Group's entry into the retail sector.
Trent said Reliance Capital purchased 3,86,582 shares through a rights subscription.
The stake buy in Trent comes three months after Anil and his elder brother Mukesh Ambani scrapped a non- compete agreement in May, thus allowing each other to enter in areas which were hitherto mutually barred due to a family settlement agreement struck in 2006