Reliance Capital gains on tie-up with Nippon Life

Reliance Capital gained on Friday after Nippon Life Insurance Company signed final agreements with the company and it has acquired 26% stake in Reliance Capital Asset Management (RCAM), the Asset Management Company (AMC).
Continue reading Reliance Capital gains on tie-up with Nippon Life

Talk with Sundeep Sikka, CEO, Reliance Capital Asset Management Ltd

Sundeep Sikka, CEO, Reliance Capital Asset Management Ltd. (RCAM) has been instrumental in expanding RCAM’s footprints in both domestic and international territories. Sundeep has been with RCAM since November 2003 and has more than 13 years of leadership experience with NBFCs and Banks. Sundeep brings a proven track record of success and a broad understanding of the company’s business. Prior to RCAM, Sundeep has held a number of other senior management positions and his last stint was with ICICI Bank.
Continue reading Talk with Sundeep Sikka, CEO, Reliance Capital Asset Management Ltd

Reliance Capital plans to enter into banking, overseas foray

The Anil Dhirubhai Ambani Group’s Reliance Capital has unveiled an ambitious plan for the next three-five years, including an entry into banking industry, globalisation of operations and tripling the customer base to 50 million.

We have drawn up exciting growth plans for the next three to five years, Anil Ambani, chairman of Reliance Capital, informed his shareholders ahead of the company’s annual general meeting here later this month.
Continue reading Reliance Capital plans to enter into banking, overseas foray

Reliance Asset Management Singapore appoints new CEO Mr Shek Chee Seng

Anil Dhirubhai Ambani Group firm Reliance Capital on Thursday said it has appointed Mr Shek Chee Seng as the CEO of its Singapore-based asset management subsidiary as part of plans to expand its financial services business across the globe.

Mr Chee Seng has been appointed as the new Chief Executive Officer of Reliance Asset Management (Singapore) Pte Ltd (RAMS), Reliance Capital said in a statement.

Mr Chee Seng, who was earlier with CITIC-Prudential Fund Management in China as its CEO, would directly report to Reliance Capital CEO and President (International Businesses) Mr Vikrant Gugnani, the company said.
Continue reading Reliance Asset Management Singapore appoints new CEO Mr Shek Chee Seng

Reliance Capital raises 3.62 billion rupees through bonds sale

Reliance Capital has raised 3.62 billion rupees through a bond sale that opened in April, two sources with knowledge of the deal said on Monday.

The company, part of India’s Anil Dhirubhai Ambani Group, sold three-year bonds carrying a coupon rate of 9.6 percent and five-year bonds with a coupon rate of 9.75 percent.

The issue had aimed to raise at least 2 billion rupees.
Continue reading Reliance Capital raises 3.62 billion rupees through bonds sale

Reliance Capital plans to launch an IPO for Reliance Life Insurance

India-based Reliance Capital plans to launch an initial public offering for its Reliance Life Insurance unit, to capitalize on improving post-election stock market sentiment and easing liquidity situation in the country, according to media reports.

The company is planning to divest nearly 26% of its insurance arm over the next three to four months. With this move, Reliance Life Insurance will reportedly become the first Indian insurer to launch an initial public offering.

The present Indian insurance regulations cap investments by foreign entities in Indian insurance companies up to a 26% stake. The new government in India is expected to increase the limit on foreign direct investment to 49%.
Continue reading Reliance Capital plans to launch an IPO for Reliance Life Insurance

‘We will add more employees in future” : Reliance Capital CEO Sam Ghosh

The second half of 2008-09 saw Reliance Capital going slow on loans as raising funds was a problem. Besides, its revenue from distribution of financial products was affected and the number of life agents also dropped by over 60,000. Though the overall environment seems to be improving, Reliance Capital CEO Sam Ghosh tells Anirudh Laskar and Sidhartha that the company is opting to be cautious. Excerpts:

Insurance companies and mutual funds have been known to be buyers in the equity market during the first quarter of a financial year. What is the trend this time?
Most of the money in mutual funds comes from liquid funds. In equity, the participation of mutual funds has gone up but only marginally as the number of customers coming in was lower. As far as investment by insurance companies is concerned, there would have been a slowdown in investments in April. But if the market continues to remain above the 12,000-mark, insurance companies will start investing by May-June, though we have been investing in equities from April.
Continue reading ‘We will add more employees in future” : Reliance Capital CEO Sam Ghosh

Reliance Capital hiked its Stake In HBL Power System To 7.8 Per cent

Anil Ambani group firm Reliance Capital (BSE:500111) has hiked its stake in Indian battery maker HBL Power Systems (BSE:517271) to 7.80 per cent through open market transactions.

In a disclosure to the Bombay Stock Exchange, HBL Power Systems said Reliance Capital has bought 18,94,123 shares, or 7.80 per cent stake, in the Andhra Pradesh-based company between May 6 and May 7.

Calculated on the basis of average closing price of HBL Power on the two days, the deal value comes to about Rs 33.69 crore (US$6.8 million).
Continue reading Reliance Capital hiked its Stake In HBL Power System To 7.8 Per cent

Reliance Capital buys HBL Power’s equity shares worth Rs 30.3 crore

Anil Dhiru Bhai Ambani Group firm Reliance Capital has bought 17.41 lakh equity shares of battery maker HBL Power Systems for over Rs 30.31 crore.

According to bulk deal data available on the Bombay Stock Exchnage, Reliance Capital purchased 17,41,000 equity shares of HBL Power at Rs 174.13 each from Abhishek Sonata.

Reliance Capital is engaged in asset management and mutual funds, life and general insurance, private equity and investments and stock broking among others.
Continue reading Reliance Capital buys HBL Power’s equity shares worth Rs 30.3 crore

Reliance Capital to make Malaysia its hub for global Islamic investment activities


India’s largest asset manager Reliance Capital Asset Management Ltd aims to stamp its mark in the Islamic fund management business worldwide by making Malaysia its international hub for global Islamic investment activities. The company will soon open its first office in Kuala Lumpur.
Continue reading Reliance Capital to make Malaysia its hub for global Islamic investment activities