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    Reliance Capital could announce deal with Nippon Life on May 23

    Reliance Capital could announce deal with Nippon Life on May 23

    Reliance Capital could announce deal with Nippon Life on May 23
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    By CNBC-TV18  IST (Updated)

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    Reliance Capital could announce on May 23 a deal with Nippon Life Insurance on May 23 to sell its stake in Reliance Nippon Life Asset Management Limited, sourced told CNBC-TV18.

    Reliance Capital could announce on May 23 a deal with Nippon Life Insurance to sell its stake in Reliance Nippon Life Asset Management Limited, sources told CNBC-TV18.
    Reliance Capital in February said it invited Nippon Life Insurance to make an offer to acquire up to 42.88 percent stake held by Reliance Capital in Reliance Nippon Life Asset Management Ltd," said the company in a BSE filing.
    The Anil Ambani group company expects the stake sale, among other things, to help pare its debt by around Rs 12,000 crore. "This substantial 50-60 percent reduction in our debt, will be achieved by monetisation of 43 percent stake in Reliance Nippon and 49 percent stake in Reliance General Insurance, along with several non-core investments," the company said in a statement.
    Reliance Nippon is valued at over Rs 5,000 crore and sale of controlling stake is expected to be at a significant premium to market, the statement claimed.
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