Reliance Capital is in talks with investors such as private equity firms to sell its balance 11 per cent stake in Reliance Nippon Asset Management Company, said a person familiar with the matter. At Reliance Nippon’s closing price of Rs 246.25 on Tuesday, the stake sale would fetch Reliance Capital Rs 1,657 crore.
A spokesperson for Reliance Capital declined to comment.
Out of its 43 per cent shareholding it held in Reliance Nippon, Reliance Capital has already sold 11 per cent through two share sales in the last couple of months.
It is set to sell 21 per cent to Japanese joint venture partner Nippon Life. Along with the deal and the 11 per cent it has brought through the open offer, Nippon’s stake in the asset manager will go up from 43 per cent to 75 per cent. The open offer for Reliance Nippon Life Asset Management closed on August 5.
Source: Economic Times