Reliance Capital has informed that a meeting of the Board of Directors of the Company’s Subsidiary, Reliance Capital Asset Management (RCAM) will be held on March 17, 2016, to consider and approve transfer of shares to Nippon Life Insurance Company (NLI). NLI has agreed to increase its stake in RCAM from the existing 35% to 49% in two or more tranches. Reliance Capital upon completion of the transaction will receive approximately Rs 1200 crore. The proposed name ‘Reliance Nippon Life Asset Management’ has been made available by the Registrar of Companies, and will be made effective with necessary approvals.
The above information is a part of company’s filings submitted to BSE.
