Reliance Capital eyes banking license; shares soar 5%

Moneycontrol Bureau

Reliance Capital shares surged 5 percent Wednesday after the company announced that it will apply for banking license. The financial firm said it would be a promoter of proposed bank. "We will apply for license in partnership with Japan-based Sumitomo Mitsui Trust Bank and Nippon Life, which hold 4-5 percent stake in proposed bank," the company said in its filing with the BSE. Also read: Reliance Capital suspends gold sales to curb gold imports At 12:17 hours IST, the stock was quoting at Rs 329.80, up 4.98 percent on the Bombay Stock Exchange.