Introducing son Anmol as a new director on Reliance Capital's board, Chairman Anil Ambani said he has brought "tremendous luck" with a 40 percent surge in share price since his induction and hoped that the 'Anmol Effect' will continue further.
Mumbai: Introducing son Anmol as a new director on Reliance Capital's board, Chairman Anil Ambani said he has brought "tremendous luck" with a 40 percent surge in share price since his induction and hoped that the 'Anmol Effect' will continue further.
Thanking the shareholders at the company's Annual General Meeting for their "vote of confidence" in 24-year-old Anmol's appointment as an Executive Director, Ambani said his son is "part of this younger demography and will relate to the future customers, shareholders, employees as well as the other stakeholders of Reliance Capital".
Noting that half of India's population is under the age of 30 years, he said the average age of Reliance Capital employees is 34 years.
"Anmol has brought tremendous luck as the stock price rose by 40 percent since his induction in the board and has added to the value creation for our shareholders. I hope and I am confident that the 'Anmol Effect' will continue, based on the improved performance, growth and teamwork," the Chairman said.
Anmol, who has a degree from Warwick Business School in the UK, joined the board of Reliance Capital as an additional director a little over one month ago on August 23 after two years of training at the company.
Reliance Cap stock was trading over 1 percent higher at close to Rs 575 apiece, marking a significant surge from near Rs 467 each before Anmol was appointed to the board. The sharp rally in the past one month has helped the stock soar by a huge 70 percent in the past one year, which is much higher than the rise in the benchmark market indices.
His appointment as a full-time executive director was put to vote for approval by the shareholders at the AGM .
"I hope Anmol will receive your support and blessings, along with my father's and my mother's. He is beneficiary of an extremely loving and value-based upbringing by his mother, Tina Ambani," Ambani said on his elder son's induction.
Anmol has been working in various financial services businesses within Reliance Capital since 2014.
Besides the chairman, Anmol is the only other family member to have joined the board of the financial services arm of the Reliance Group.
He has been actively involved in internal business reviews across companies and has also been part of interactions with Nippon Life for increasing stake in Reliance Life Insurance and Reliance Capital Asset Management in the last two years.
With a revenue of over Rs 4,000 crore, Reliance Capital has various verticals dealing in life insurance, commercial finance, securities, general finance and mutual funds.