Nippon buys additional stakes in Reliance Capital
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The stake sale between
Reliance Capital plans to sell additional stake in its subsidiary Reliance Capital Asset Management (
“We thank the regulators, the CCI and EPFO, for their approval for this transaction that will help us expand our reach and offer superior returns and innovative products to our customers and investors. We look forward to completing this transaction by next week,” said Sam Ghosh, CEO of Reliance Capital.
It should be noted that Nippon will investing nearly Rs 657 crore but an additional stake of 9% in RCAM in the first phase.By the end of the first phase, the company will hold 35% stake in RCAM. It is being estimated that the transaction will surge RCAM’s valuation at Rs 7,300 crore.
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Nippon can then increase its stake by another 14% in the second tranche. The company has bought 26% stakes in the company worth Rs 1,450 crore in 2012.
The company made the disclosure in a letter to the National Stock Exchange (NSE).
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