As per media reports, four global financial giants, including Schroders, Blackstone and US-based Capital, have submitted offers to Reliance Capital for buying a small stake in its mutual fund business -- Reliance Capital Asset Management.
However, when contacted, a spokesman of the Anil Dhirubhai Ambani Group company declined to comment on whether it received such offers.
The shares of the company opened firm and later touched the 52-week high of Rs 779 against yesterday's close of Rs 742.50. The scrip later pared some gains and closed at Rs 772.80, up 4.08 percent and over 14.60 lakh shares changed hands on the BSE.
Assets under management (AUM) in India have witnessed tremendous growth in the last few years due to robust stock market and investors demand. The collective asset of fund houses in the country surpassed Rs3.5-lakh-crore mark, adding over Rs 24,000 crore in April.
Recently, BNP Paribas Asset Management had acquired 49.9 percent stake in Sundaram Asset Management and in January UBS Global Asset Management had taken over the mutual funds business of Standard Chartered in India for 120 million dollar (Rs 489 crore). - DDNews India
