For sale of additional stake by RCAM to Nippon Life Insurance
Reliance Capital announced that Reliance Capital Asset Management (RCAM) has completed the regulatory approval process for additional stake sale to Nippon Life Insurance.The company has received approval from Competition Commission of India and Employee's Provident Fund Organisation, thus completing the regulatory approval process, for this transaction.
Nippon Life Insurance will be investing an aggregate value of Rs 657 crore (USD 108 million) to acquire an additional stake of 9% in RCAM in the first tranche, to reach a 35% stake. The transaction pegs RCAM's valuation at Rs 7300 crore (USD 1.2 billion), the highest valuation till date for any asset management company in the country.
Subsequently, Nippon Life Insurance will have an option to increase its stake further by an additional 14% to reach 49%, in tranches.
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