Reliance MF hikes stake in Piramal Life

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Mumbai, Jun 9 (UNI) Reliance Mutual Fund has increased its stake in the healthcare and pharma major Piramal Group's spun-off research and development arm, Piramal Life Sciences, to over five per cent.

Reliance Mutual Fund has acquired 76,400 shares, amounting to 0.30 per cent stake, of the company through open market purchase route, Piramal Life Sciences informed the Bombay Stock Exchange.

Prior to this acquisition, Reliance Mutual Fund, which had 12,01,886 shares amounting to 4.72 per cent, increased to 5.02 per cent after the acquisition.

Piramal Life was listed in last month after a scheme of arrangement with the NCE Research Unit of Nicholas Piramal India Ltd (NPIL), being transferred to Piramal Life Sciences (PLSL).

Shares of Piramal Life were trading at Rs 220.10, down by 10.85 per cent, on BSE in late afternoon trade.

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