TIL Desk/Business/Mumbai/ Reliance Capital Ltd (RCAP) on Thursday said it has signed binding definitive agreements with Nippon Life Insurance of Japan to exit its stake in Reliance Nippon Life Asset Management Ltd (RNAM).
In a statement here, Reliance Capital said it will receive approximately Rs 6,000 crore as sale consideration for its stakes in RNAM. Both partners currently hold 42.88 per cent each in the company, while the rest is held by public shareholders.
Reliance Capital said that pursuant to the agreements, Nippon Life will also make an open offer of RNAM to the public shareholders at Rs 230 per share, as required under market regulator regulations, and reach the maximum permissible promoter shareholding of 75 per cent for listed companies.
The transaction price represents a premium of 15.5 per cent to the minimum 60-day price as specified under the Sebi Takeover Regulations.
