Reliance Capital to sell 3.15% stake in Reliance Nippon to raise over Rs 505 crore
Updated : September 10, 2019 07:59 AM IST
Reliance Capital will sell up to 1.93 crore shares, representing 3.15 percent equity, in Reliance Nippon Life Asset Management (RNAM) for over Rs 505 crore on stock exchanges through 'Offer for Sale' route.
Reliance Capital held 32.12 per stake in RNAM at June end, while the other promoter Nippon Life Insurance Company held 42.88 percent state.
The floor price is less than the Monday closing of RNAM on BSE at Rs 285.65 apiece.