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 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.