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

Friday, 24 May 2019

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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, Nippon Life will hike its shareholding in RNAM from 42.88 percent to 75 percent by buying shares from public shareholders and RCap.

To ensure compliance of the 25 percent public shareholding norms, Nippon Life will first launch an open offer to acquire the entire 14.6 percent 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 percent. Nippon Life will continue with the existing management and fund managers of RNAM.