Tata group's retail company Trent on Friday said Anil Dhirubhai Ambani-group firm Reliance Capital Trustee has bought 8.68 per cent stake in the company for Rs.21.20 crore.
In a filing to the Bombay Stock Exchange (BSE), Trent said Reliance Capital Trustee purchased 3.87 lakh shares through a rights subscription on August 31.
The shares were bought by Reliance Capital Asset Management through various mutual fund series, including Reliance Equity Linked Saving Fund Series-I, Reliance Dual Advantage Fixed Tenure, Reliance Equity Opportunties Fund and Reliance Tax Saver Elss Fund.
Analysts pointed out that the stake buy was a good move from mutual fund investors. “Retail is a growing area in India and the investment is positive. Trent is a reasonably priced company, compared to other big retailers,” Anand Rathi Financial Services Senior Vice-President Retail D. D. Sharma said.
Trent share prices up
Trent on Friday jumped over 8 per cent to hit an all-time high on the Bombay Stock Exchange. 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.