Mumbai, Jan 23 (IANS): The Japan-based Sumitomo Mitsui Trust Bank (SMTB) has acquired a minority stake in the Anil Ambani-led Reliance Capital Ltd (RCL) -- part of the Reliance Group -- for Rs.371 crore.

"As part of the agreement, SMTB will be taking an initial 2.77 percent strategic stake in RCL amounting to Rs.371 crore ($58.4 million) through preferential allotment, with a lock-in period of one year. The investment is being made at Rs.530 per share representing a premium of over 11 percent to the stock price of relevant date of RCL," the Indian capital firm said in a statement.

Sumitomo Mitsui Trust Group is the fourth largest bank in Japan (in terms of market capitalization and corporate loans) and Japan's largest financial institution managing assets of $682 billion with assets under custody of $1.8 trillion as of September 2014.

"(It) will help the company tap new growth opportunities and expand our existing business," CEO Sam Ghosh said in a statement.

RCL has interests in asset management and mutual funds, life and general insurance, commercial and home finance, stock-broking, wealth management services, distribution of financial products, asset reconstruction, proprietary investments and other activities in financial services.