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RCap to exit MF business

NEW DELHI:Reliance Capital (RCap) today said it will exit the mutual funds business by selling its stake in Reliance Nippon Life Asset Management Ltd (RNAM) to its joint venture partner Japan’s Nippon Life Insurance.

New Delhi, May 23

Reliance Capital (RCap) today said it will exit the mutual funds business by selling its stake in Reliance Nippon Life Asset Management Ltd (RNAM) to its joint venture partner Japan’s Nippon Life Insurance.

“Pursuant to the agreements, Nippon Life will also make an open offer to the public shareholders of RNAM at Rs 230 per share, as required under SEBI regulations, and reach the maximum permissible promoter shareholding of 75% for listed companies,” Reliance Capital said in a regulatory filing. — PTI

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