Anil Ambani-led Reliance Capital has secured Securities and Exchange Board of India’s (SEBI) approval for its proposed stake sale of 26% in RCAM (Reliance Capital Asset Management Company) to Nippon Life for Rs 1,450 crore.
The Nippon Life transaction values RCAM, the country's most profitable fund house, at about Rs 5,600 crore. The final agreement for this deal was signed in late March this year. The company had already received approval from Competition Commission of India (CCI) and Reserve Bank of India (RBI) for the same.
Recently, Nippon Life had acquired 26% stake in Reliance Life Insurance for Rs 3,100 crore, valuing the life insurance venture at about Rs 11,500 crore. Reliance Capital AMC managed Rs 140,853 crore as on March 31, 2012, across mutual funds, pension funds, managed accounts and hedge funds.
