Reliance CapitalNSE -12.70 % completed 21.54 per cent stake sale in Reliance Nippon Life Asset Management (RNAM) to Nippon Life Insurance of Japan (Nippon) for Rs 3,030 crore, the firm said on Friday.
Reliance Capital will further monetise its balance 4.28 per cent stake in RNAM worth around Rs 700 crore, it said.
The firm had earlier sold 17.06 per cent of its shareholding in RNAM, in three successive past offers for sale, aggregating over Rs 2,480 crore.
The entire RNAM stake monetization proceeds of around Rs 6,200 crore will be utilised to reduce Reliance Capital’s outstanding debt obligations.
Based on the above, and other asset monetisation deals presently underway, the company expects to reduce its debt by at least Rs 12,000 crore, or 70 per cent, in the current financial year.
