For Quick Alerts
ALLOW NOTIFICATIONS  
For Daily Alerts

Reliance Capital Completes 21.5% Stake Sale In RNAM

By Staff
|

In a statement, Reliance Capital Ltd said that it has completed the sale of its 21.54 percent stake in Reliance Nippon Life Asset Management Ltd (RNAM) to Nippon Life Insurance of Japan for Rs 3,030 crore (approximately $ 430 million).

Reliance Capital Completes 21.5% Stake Sale In RNAM
 

Reliance Capital also said that it will further monetise its balance 4.28 percent stake in RNAM worth Rs 700 crore ($100 million).

It has earlier sold 17.06 percent of its shareholding in the asset management company in three successive offers for sale, aggregating over Rs 2,480 crore.

Reliance Capital said that the entire proceeds from the RNAM stake monetization (around Rs 6,200 crore) will be utilised to reduce its outstanding debt obligations.

"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 ($ 1.7 billion), or 70% in the current financial year," the company said.

Reliance Capital has also sold its entire stake in its wholly owned subsidiaries Reliance Capital Trustee Co. Ltd and Reliance Capital AIF Trustee Co Pvt Ltd.

Read more about: reliance capital anil ambani
Story first published: Saturday, September 28, 2019, 13:52 [IST]
Company Search
Get Instant News Updates
Enable
x
Notification Settings X
Time Settings
Done
Clear Notification X
Do you want to clear all the notifications from your inbox?
Settings X
We use cookies to ensure that we give you the best experience on our website. This includes cookies from third party social media websites and ad networks. Such third party cookies may track your use on Goodreturns sites for better rendering. Our partners use cookies to ensure we show you advertising that is relevant to you. If you continue without changing your settings, we'll assume that you are happy to receive all cookies on Goodreturns website. However, you can change your cookie settings at any time. Learn more