Sumitomo Mitsui Trust Bank of Japan (SMTB) has sold Reliance Capital (RCap) shares worth $70 million or around Rs 450 crore to foreign institutional investors (FIIs) through open market transaction, as Reserve Bank of India’s (RBI) policy does not permit RCap to hold more than 10 percent of a bank.
Reliance Capital, a part of the Reliance Group, is one of India’s leading private sector financial services companies. It ranks amongst the top private sector financial services and banking groups, in terms of net worth.