From existing 35% to 49% in tranches
Reliance Capital announced that Nippon Life Insurance (NLI), signed definitive agreements to increase its stake in Reliance Capital Asset Management (RCAM), a part of Reliance Capital.Nippon Life Insurance will be increasing its stake in Reliance Capital from the existing 35% to 49% in tranches. The Japanese company will be investing an aggregate Rs 1196 crore (USD 184 million) to acquire an additional 14% stake in Reliance Capital. The transaction pegs Reliance Capital Asset Management's valuation at Rs 8542 crore (USD 1.3 billion), the highest valuation till date for any asset management company in the country.
This transaction is expected to be completed within the current financial year, subject to receipt of regulatory approvals. Post approvals, Nippon Life Insurance would become the co-sponsor in Reliance Capital Asset Management.
In line with the new shareholding structure, the name of the company will also be changed from Reliance Capital Asset Management to Reliance Nippon Life Asset Management
Powered by Capital Market - Live News