 "Nippon Life to raise stake in Reliance Capital Asset Management to 49%")
According to the notice, Nippon Life Insurance would initially invest Rs 657 crore in the first tranche for an additional 9% stake, taking its total holding to 35%.
"Subsequently, Nippon Life Insurance will have an option to increase its stake further by an additional 14%, to reach 49%, in tranches," said the notice from Reliance.
As per the exchange notice, the transaction pegs the value of RCAM at Rs 7,300 crore.
Nippon Life Insurance had in early 2012 purchased a 26% stake in RCAM for Rs 1,450 crore.
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