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Reliance Capital is a part of Anil Ambani-led Reliance Group
Reliance Capital is a part of Anil Ambani-led Reliance Group

Reliance Capital gets Rs 5,500 crore from RNAM stake monetisation

ANI | Updated: Sep 28, 2019 18:00 IST


Mumbai (Maharashtra) [India], Sept 28 (ANI): Anil Ambani-led Reliance Capital said on Saturday it has concluded the transaction with Nippon Life Insurance Company of Japan to sell its stake in Reliance Nippon Life Asset Management (RNAM).
"Reliance Capital has received proceeds of about Rs 5,500 crore (785 million dollars) through the sale of its shareholding to Nippon Life Insurance Company and through offers for sale," it said in a statement.
It is among the largest deals in India's financial services sector.
In February, Reliance Capital had invited Nippon Life Insurance Company to acquire up to 42.88 per cent stake that it holds in RNAM. It first sold 17.06 per cent of its shareholding in three successive past offers for sale totalling more than Rs 2,480 crore.
Later, it offloaded 21.54 per cent stake for Rs 3,030 crore. Reliance Capital will further monetise its balance of 4.28 per cent stake worth about Rs 700 crore.
The entire RNAM stake monetisation proceeds will be utilised to reduce Reliance Capital's outstanding debt. The company expects to reduce its debt by at least Rs 12,000 crore (or 70 per cent) in the current financial year.
The company has also announced its plans to monetise 49 per cent stake in Reliance General Insurance Company Ltd which is presently 100 per cent owned. The draft red herring prospectus (DHRP) was filed with the Securities and Exchange Board of India (SEBI) earlier this month.
Reliance Capital, a part of the Reliance Group, is one of India's leading private sector financial services companies with interests in asset management and mutual funds; life, health and general insurance; commercial and home finance; stockbroking; wealth management services; distribution of financial products; asset reconstruction; proprietary investments and other activities in financial services. (ANI)

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