Nippon Life, Reliance Capital sign deal for sale of mutual fund arm.

Anil Ambani group firm Reliance Capital (RCap) has signed a definitive agreement with Nippon Life to sell its stake in Reliance Nippon Life Asset Management (RNAM). Under the agreement, the Japanese firm will hike its shareholding in RNAM from 42.88 per cent to 75 per cent by buying shares from public shareholders and RCap.

To ensure compliance of the 25 per cent public shareholding norms, Nippon Life will first launch an open offer to acquire the entire 14.6 per cent public shareholding in RNAM.

Depending on the shares tendered in the open offer, Nippon will acquire RCap’s stake to take its shareholding tally to 75 per cent.

BS