Reliance Capital has completed the transaction for receipt of approximately Rs. 1,200 crore from Nippon Life Insurance for additional 14% stake sale in Reliance Capital Asset Management
Reliance Capital, a part of Anil Ambani led Reliance Group, has completed the transaction for receipt of approx. Rs 1,200 crore (US$ 180 million) from Nippon Life Insurance for additional 14% stake sale in Reliance Capital Asset Management (RCAM).
Nippon Life Insurance (NLI), a Fortune 500 company and one of the largest life insurers in the world, now becomes a co-sponsor of Reliance Mutual Fund, along with Reliance Capital, and will own 49 per cent in Reliance Capital Asset Management.
The Board of Directors of Reliance Capital Asset Management, in a meeting held here today, approved the transfer of an additional 9.57 per cent stake to Nippon Life Insurance, with the balance 4.43 per cent to be transferred in the next couple of weeks.
The transaction pegs the valuation of Reliance Capital Asset Management at Rs 8,542 crore (US$ 1.3billion), the highest valuation till date for any asset management company in the country.
In line with the new shareholding, the name of Reliance Capital Asset Management would also be changed to Reliance Nippon Life Asset Management.
Reliance Capital, a part of Anil Ambani led Reliance Group, has completed the transaction for receipt of approx. Rs 1,200 crore (US$ 180 million) from Nippon Life Insurance for additional 14% stake sale in Reliance Capital Asset Management (RCAM).
Nippon Life Insurance (NLI), a Fortune 500 company and one of the largest life insurers in the world, now becomes a co-sponsor of Reliance Mutual Fund, along with Reliance Capital, and will own 49 per cent in Reliance Capital Asset Management.
The Board of Directors of Reliance Capital Asset Management, in a meeting held here today, approved the transfer of an additional 9.57 per cent stake to Nippon Life Insurance, with the balance 4.43 per cent to be transferred in the next couple of weeks.
The transaction pegs the valuation of Reliance Capital Asset Management at Rs 8,542 crore (US$ 1.3billion), the highest valuation till date for any asset management company in the country.
In line with the new shareholding, the name of Reliance Capital Asset Management would also be changed to Reliance Nippon Life Asset Management.
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