RELIANCE CAPITAL SELLS 10.75% STAKE IN RNAM FOR ₹1,450 CR

NEW DELHI: Reliance Capital on Monday said it has sold 10.75% in Reliance Nippon Life Asset Management Ltd (RNAM) for over ₹1,450 crore.

In two successive offers, Reliance Capital has sold 10.75% of its shareholding in Reliance Nippon Life Asset Management Ltd , aggregating over ₹1,450 crore and has achieved the minimum public shareholding of 25% in RNAM by reducing the promoter stake, the company said in a statement.

The entire RNAM stake monetization proceeds of ₹6,000 crore, to be received from the offer for sale and the already announced transaction with Nippon Life Insurance Company of Japan, will be utilized to reduce Reliance Capital’s outstanding debt, it said.

Based on the above, and other asset monetization deals presently underway, Reliance Capital expects to reduce its debt by at least ₹12,000 crore, or 70% in the current financial year.

THE ENTIRE RNAM STAKE MONETIZATION PROCEEDS OF ₹6,000 CR WILL BE UTILIZED TO CUT RELIANCE CAPITAL’S OUTSTANDING DEBT