Anil Ambani's Reliance Capital inches closer to exiting mutual fund biz

Anil Ambani-led Reliance Capital will sell up to 6.3 per cent stake in Reliance Nippon Life Asset Management —commonly referred to as Reliance Mutual Fund —through the offer for sale (OFS) route, on Wednesday. 

The share sale is part of Reliance Capital’s deleveraging programme, which involves exiting the asset management operations, among other businesses. At present, Reliance Capital holds 32.12 per cent stake in Reliance MF. 

Close to 21.5 per cent of this will be sold to Japan’s Nippon Life, which will then become the sole promoter of the fund house. 

If the OFS is fully subscribed, Reliance Capital will be left with