'Final price may vary'

The deal may have been struck yesterday, but the price could change depending upon how soon the shares of AMP Sanmar Life Insurance Company are transfered to Reliance Capital.

"The final price could vary as the balance sheet can change for every day I am paying the wages and doing business," said Graham Meyer, CEO AMP Sanmar Life Insurance Company, here in Mumbai.

The torrential rains in Mumbai have delayed sale process of AMP Sanmar Life Insurance Company by Reliance Capital. Senior representatives of Reliance Capital along with Meyer, were to fly out to Hyderabad early this morning to start the ball rolling.

Armed with the agreement for sale signed yesterday, the two concerned parties were to meet C S Rao, chairman Insurance Regulatory and Development Authority (IRDA) early Monday morning, seeking regulatory approval. However, with all flights cancelled, the meeting has been postponed.

Reliance Capital renewing its life insurance application is irrelevant to the current transaction, said Meyer. Essentially Reliance Capital will acquire the existing shares of AMP Sanmar and have the licence transfered to its name.