Nippon Life’s open offer to acquire 22.49% stake in RNAM
   Date :08-Jun-2019

 
NIPPON Life Company on Friday announced an open offer to acquire nearly 22.49 per cent stake in Reliance Nippon Life Asset Management (RNAM) for Rs 3,179 crore under a deal with Reliance Capital which is exiting the mutual funds business.
 
Nippon Life Company would acquire up to 13.82 crore equity shares or about 22.49 per cent shares of Reliance Nippon Life Asset Management (RNAM) at Rs 230 per share, according to the RNAM’s draft filed with regulator Sebi on Friday.
 
The transaction is to be payable in cash for a total consideration of Rs 3,179.41 crore. Reliance Capital in May had announced to exit mutual fund business by selling its stake in Reliance Nippon Life Asset Management Ltd (RNAM) to its joint venture partner Japan’s Nippon Life Insurance.