RCap pledges 22% stake in Anil Ambani group's mutual funds arm RNAM

The pledging was done in favour of IDBI Trusteeship and Axis Trustee Services, who were acting on behalf of some of the creditors.

Reliance Capital (RCap) — the financial services arm of the troubled Anil Ambani group — has pledged 22 per cent of its stake in Reliance Nippon Life Asset Management (RNAM), according to exchange disclosures. 

People in the know said the pledges were created as some lenders sought comfort from RCap over certain loans.  

“The pledges will be released as soon as Nippon Life pays RCap for acquiring its stake in RNAM. The monies should come in two weeks after closure of the open offer, which is set to conclude in early August. 

If RCap has any residual stake left, it can be sold