Reliance Capital (RCap), Anil Ambani group firm has signed a definitive agreement with Nippon Life to sell its stake in Reliance Nippon Life Asset Management (RNAM). The agreement said that the Japanese firm will hike its shareholding in RNAM from 42.88 percent to 75 percent by buying shares from public shareholders and RCap.
To secure compliance of the 25 percent public shareholding norms, Nippon Life will first launch an open offer to acquire the entire 14.6 percent public shareholding in RNAM.
Nippon has set the acquisition price both for the open offer as well as Rcap’s stake at Rs 230 per share, lower than RNAM’s latest close of Rs 234 per share.
RCap has announced that it will offload a 5.25 percent stake through the offer for sale (OFS) route on Friday. The company has put on block 32.1 million shares and set the floor price at Rs 218 per share, 6.4 percent discount to last closing price.
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