Nippon Life Insurance has increased its stake in Reliance Nippon Life Asset Management (RNAM) to 54 percent, with the closure of open offer. The open offer was part of the stake sale process. Nippon Life floated open offer to acquire nearly 22.49 percent stake in RNAM for Rs 3,179 crore under a deal with Reliance Capital which is exiting the mutual funds business.
Reliance Nippon Life Asset Management acts as an adviser to India-focussed equity funds and fixed-income funds in Japan and South Korea. It also manages offshore funds through its subsidiaries in Singapore and Mauritius, catering to investors across Asia, the US and Europe.
