L&L, Khaitan lead on Reliance Capital exit from mutual funds biz

Bar & Bench May 24 2019
Reliance Capital exits from mutual fund business

Reliance Capital, the financial services business of the Anil Dhirubhai Ambani Group (ADAG), is exiting the mutual fund business by selling its entire stake in Reliance Nippon Life Asset Management Ltd (RNAM) for $646 million.

Reliance Capital will sell its 42.88 percent stake to Nippon Life Insurance of Japan and other financial investors in the joint venture. Nippon Life will also make an open offer to public shareholders of Reliance Nippon Asset Management (RNAM) at Rs 230 per share, reported ET.

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