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Reliance Capital jumps 6% on RNAM JV stake sale


Date: 24-05-2019
Subject: Reliance Capital jumps 6% on RNAM JV stake sale
NEW DELHI: Shares of Reliance CapitalNSE 2.58 % jumped 6 per cent to Rs 139.80 in Friday's session, a day after it disclosed its plan to exit the mutual funds business. 

The company on Thursday said it will exit the mutual funds business by selling its stake in Reliance Nippon Life Asset Management Ltd (RNAMNSE -2.75 %) to its joint venture partner Japan's Nippon Life Insurance. 

Both partners hold 42.88 per cent each in the company, while the rest is with public shareholders. 

Reliance Capital said it has signed binding definitive agreements with Nippon Life Insurance of Japan. 

The company will receive proceeds of about Rs 6,000 crore through sale of its shareholding to Nippon Life Insurance at Rs 230 a share, and the simultaneous offer-for-sale (OFS) to other financial investors. 

"The entire proceeds of Rs 6,000 crore will be utilised to reduce Reliance Capital's outstanding debt by 33 per cent," it added. 

The stock pared most gains soon and traded 2.50 per cent up at Rs 135.20 on BSE around 9:45 am. 

Source: economictimes.indiatimes.com

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