Shares of Reliance Capital climbed 5.33 per cent to settle at Rs 528.20 on the BSE. During the day, it surged 5.67 per cent to Rs 529.90.
At the NSE, it jumped 5.53 per cent to close at Rs 529.50.
In the previous session also, shares of Reliance Capital had gained nearly 5 per cent.
On the volume front, 19.85 lakh shares of the company changed hands at the BSE today, while over one crore shares were traded at the NSE during the session.
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Nippon will hike its stake in Reliance Mutual Fund from 26 per cent to 49 per cent, while investing Rs 657 crore for the first tranche of nine per cent.
The first tranche values Reliance Capital Asset Management Company (RCAM), which runs Reliance MF, at Rs 7,300 crore, as per the deal announced yesterday.
Nippon would eventually up its stake to 49 per cent in multiple tranches at prices to be determined on the basis of future prevailing assets and profitability of the company that are expected to be higher than the current levels.
Nippon Life manages over USD 500 billion (Rs 30 lakh crore) in assets, highest in the world for any life insurer, while RCAM is part of Reliance Capital, the financial services arm of Anil Ambani-led Reliance Group.
RCAM is the largest asset manager in India, in terms of Asset Under Management, managing Rs 2,18,338 crore (USD 36 billion) as on September 30, 2014, across mutual funds, pension funds, managed accounts and offshore funds.