Reliance Capital to exit its entire RNAM shareholding
Nippon Life Insurance of Japan announced it has signed binding definitive agreements with Reliance Capital to increase its stake in Reliance Nippon Life Asset Management (RNAM) to 75%. Both partners currently hold 42.88% each in the company, while the rest is with public shareholders.Reliance Capital will exit its entire RNAM shareholding to Nippon Life Insurance, and Offer For Sale to other financial investors to ensure the minimum free float requirement of 25% is also met.
NLI will make the mandatory open offer at Rs. 230 per share, in accordance with the SEBI Takeover Regulations.
The open offer price represents a premium of 15.5% to the minimum 60-day price as determined under the SEBI Takeover Regulations.
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