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Journalism of Courage
Tata group company Trent Ltd said today that Anil Ambani-promoted Reliance Capital has bought 8.68 per cent stake in it for Rs 21.2 crore,marking the ADA Groups entry into the retail sector. In a filing to the Bombay stock Exchange BSE today,Trent Ltd said Reliance Capital purchased 3,86,582 shares through a rights subscription on August 31. Reliance Caps 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 hitherto not allowed due to a family settlement agreement struck in 2006.
In reaction to the the news,Trent stocks jumped over 8 per cent to hit an all-time high on the Bombay Stock Exchange BSE. The scrip opened on a strong note and later touched an all-time high of Rs 1,160,up over 8 per cent compared to the previous close.
Witnessing a similar performance on the National Stock Exchange NSE,the scrip settled at Rs 1,140,up 6.23 per cent from its previous close. In terms of volume,over 5.2 lakh shares of the company changed hands on both the bourses.
Meanwhile,Reliance Capital saw a jump of 0.99 per cent on the BSE,to close trade at Rs 783. In range-bound trade,the BSE benchmark Sensex closed the day lower by 16.88 points at 18,221.43.
