Reliance Capital Asset Management (RCAM), part of Reliance Capital, has got regulatory approval for additional stake sale to Nippon Life Insurance.
Nippon Life Insurance had agreed to increase its stake in RCAM from 26 per cent to 49 per cent in two or more tranches in November 2014, subject to regulatory approvals.
RCAM has received approvals from the Competition Commission of India (CCI) and Employees Provident Fund Organisation, thus completing the regulatory approval process, for this transaction.
The boards of both companies have already approved the deal. Nippon Life Insurance will invest an aggregate value of Rs 657 crore to acquire an additional stake of nine per cent in RCAM to reach a 35 per cent stake.
