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  Business   Companies  17 Jun 2019  Reliance Capital sells 10.75 pc stake in RNAM for Rs 1,450 cr

Reliance Capital sells 10.75 pc stake in RNAM for Rs 1,450 cr

PTI
Published : Jun 17, 2019, 1:26 pm IST
Updated : Jun 17, 2019, 1:26 pm IST

The proceeds will be utilised to reduce Reliance Capital's outstanding debt, the company statement said.

Based on the above, and other asset monetisation deals presently underway, Reliance Capital expects to reduce its debt by at least Rs 12,000 crore.
 Based on the above, and other asset monetisation deals presently underway, Reliance Capital expects to reduce its debt by at least Rs 12,000 crore.

New Delhi: Reliance Capital on Monday said it has sold 10.75 per cent in Reliance Nippon Life Asset Management Ltd (RNAM) for over Rs 1,450 crore.

In two successive offers, Reliance Capital has sold 10.75 per cent of its shareholding in RNAM, aggregating over Rs 1,450 crore and has achieved the minimum public shareholding of 25 per cent in RNAM by reducing the promoter stake, the company said in a statement.

The entire RNAM stake monetisation proceeds of Rs 6,000 crore, to be received from the offer for sale and the already announced transaction with Nippon Life Insurance Company of Japan, will be utilised to reduce Reliance Capital's outstanding debt, it said.

Based on the above, and other asset monetisation deals presently underway, Reliance Capital expects to reduce its debt by at least Rs 12,000 crore, or 70 per cent in the current financial year.

Tags: reliance capital, reliance nippon life asset management, rnam, nippon life insurance
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