Anil Ambani Dhirubhai Ambani Group’s capital investment arm Reliance Capital (RCAP) has invited Nippon Life Insurance to acquire its entire 42.88 percent stake in Reliance Nippon Life Asset Management (RNAM).
Japan’s Nippon Life Insurance already holds 42.88 percent stake in RNAM.
A successful transaction could help clear around 40 percent of Reliance Capital’s debt worth Rs 18,000 crore.
Anil Ambani Dhirubhai Ambani Group’s capital investment arm Reliance Capital (RCAP) has invited Nippon Life Insurance to acquire its entire 42.88 percent stake in Reliance Nippon Life Asset Management (RNAM). Japan’s Nippon Life Insurance already holds 42.88 percent stake in RNAM. The company would make further announcements at the appropriate time.
A successful transaction could help clear around 40 percent of Reliance Capital’s debt worth Rs 18,000 crore. The transaction amount is likely to be at a significant premium to the current market price, as it would also involve control premium. Junior Ambani-led Reliance Group companies have been trying to monetize some of their assets and bring down the debt significantly.
Recently, The SC on Wednesday held Reliance Communications Chairman Anil Ambani and two others guilty of contempt of court for violating its order by not paying dues of Rs 550 crore to Ericsson, and said that they faced a three-month jail term if Rs 453 crore was not spent to Ericsson in four weeks.