Reliance Cap buys 9% stake in Trent

Tata group firm Trent Ltd on Friday said Anil Ambani-promoted Reliance Capital has bought 8.68 per cent stake in it for Rs 21.2 crore (Rs 212 million), marking ADA Group's entry into the retail sector.

In a filing to the Bombay stock Exchange (BSE) on Friday, Trent Ltd said Reliance Capital purchased 3,86,582 shares through a rights subscription on August 31.

Trent's shares shot up to a new high to touch Rs 1,126 per share in morning trade on BSE, up by 5.03 per cent from the last closing.

Reliance Capital's scrips saw a jump of 0.66 per cent per share at Rs 780.40 in morning trade at the BSE.

Rel Cap's stake buy in Trent comes three months after Anil and his elder brother Mukesh Ambani scrapping a non- compete agreement in May that allowed each other to enter in areas, which were hitherho not allowed due to a family settlement agreement struck in 2006.