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Reliance Capital surges on entering into definitive agreements with Ming Yang

03 Jul 2012 Evaluate

Reliance Capital is currently trading at Rs. 365.00, up by 3.70 points or 1.02% from its previous closing of Rs. 361.30 on the BSE.

The scrip opened at Rs. 365.20 and has touched a high and low of Rs. 367.40 and Rs. 362.75 respectively. So far 208170 shares were traded on the counter.

The BSE group 'A' stock of face value Rs. 10 has touched a 52 week high of Rs. 612.40 on 05-Jul-2011 and a 52 week low of Rs. 225.50 on 02-Jan-2012.

Last one week high and low of the scrip stood at Rs. 367.60 and Rs. 338.00 respectively. The current market cap of the company is Rs. 8957.00 crore.

The promoters holding in the company stood at 54.14% while Institutions and Non-Institutions held 26.30% and 19.17% respectively.

Reliance Capital and related entities forming part of the Reliance Group (Reliance), one of India’s largest private enterprises has entered into definitive agreements with China Ming Yang Wind Power Group, a leading wind turbine manufacturer in China, through Ming Yang Holdings (Singapore) (Ming Yang Singapore), its Singapore subsidiary.

Under the agreements, Ming Yang Singapore plans to establish a joint venture (JV) with Reliance Capital by subscribing to a significant stake in the share capital of Global Wind Power (GWPL), a leading wind power solutions provider in India, in which Reliance Capital and related entities are currently the largest shareholders.

In addition, China Ming Yang Wind Power Group has signed a memorandum of understanding (MOU) with Reliance Power, one of the largest private sector power companies in India, to co-develop a large portfolio of clean energy projects in India.

According to the MOU, China Ming Yang Wind Power Group is expected to provide total engineering, procurement and construction (EPC) solutions, including micro-siting, wind resource assessment studies, project financing and other services for the proposed projects for Reliance and third parties. Reliance is expected to play a supporting role in facilitating these proposed projects in addition to providing local market support.

Reliance Capital Share Price

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