Anil Ambani-led Reliance Capital has concluded the transaction of sale of 26 per cent stake in Reliance Capital Asset Management (RCAM) to Nippon Life Insurance. The entire transaction proceeds of Rs 1450 crore has been duly received from Nippon Life Insurance. This transaction pegs the total valuation of RCAM at approximately Rs 5600 crore ($1.1 billion)
Recently, the company had secured Securities and Exchange Board of India's (SEBI) approval for its proposed stake sale of 26% in RCAM (Reliance Capital Asset Management Company) to Nippon Life for Rs 1,450 crore.
The Nippon Life transaction values RCAM, the country's most profitable fund house, at about Rs 5,600 crore. The final agreement for this deal was signed in late March this year. The company had already received approval from Competition Commission of India (CCI) and Reserve Bank of India (RBI) for the same.