Reliance Capital, a financial services arm of Anil Dhirubhai Ambani Group, has been allotted 5 lakh square feet of space by Gujarat International Finance Tec-City (GIFT) which is a government of Gujarat project.

The company was allotted this space in the International Finance Service Centre (IFSC) Special Economic Zone, being set up under the GIFT project.

The allotment was announced by Mr. Ramakant Jha, MD and Group CEO, GIFT Company Limited and the letter of allotment was handed over to Mr. Sam Ghosh, Executive Director, Reliance Capital, today.

"We thank the Gujarat Government and the Board of GIFT for allotting this space under IFSC, and look forward to setting up our various international businesses in this facility. We are starting the process for requisite approvals from Regulators, and expect to launch the proposed businesses here shortly," said Mr. Ghosh.

Reliance Capital plans to set up a host of emerging business - including Alternate Investment Funds, Commodity Exchange Business and other International Business - in the GIFT facility, subject to requisite approvals from the regulators.

Shares of the company declined Rs 20.55, or 5.35%, to settle at Rs 363.55. The total volume of shares traded was 936,512 at the BSE (Wednesday).