Reliance Capital has signed binding definitive agreements with Nippon Life Insurance of Japan to exit its stake in Reliance Nippon Life Asset Management (RNAM). Both partners currently hold 42.88 per cent each in the company, while the rest is with public shareholders.
Reliance Capital will receive proceeds of approximately Rs 6,000 crore through sale of its shareholding to Nippon Life Insurance at Rs 230 a share, and the simultaneous Offer For Sale (OFS) to other financial investors. The entire proceeds of approximately Rs. 6,000 crore will be utilised to reduce Reliance Capital’s outstanding debt by 33 percent.
Reliance Capital, a part of the Reliance Group, is one of India’s leading private sector financial services companies. It has interests in asset management and mutual funds; life, health 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.
| Company Name | CMP |
|---|---|
| Bajaj Finance | 1037.55 |
| Shriram Finance | 1024.20 |
| Aditya Birla Capital | 399.90 |
| Chola Invest & Fin. | 1788.65 |
| Tata Capital | 349.70 |
| View more.. | |
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