Chennai, Feb 27 (IANS) Japanese life insurance major Nippon Life Insurance has acquired an additional nine percent stake in Reliance Capital Asset Management (RCAM) for Rs.657 crore ($108 million), Reliance Capital Ltd said Friday.
Following this. Nippon Life's holding in RCAM goes up to 35 percent from 26 percent.
In a regulatory filing with Bombay Stock Exchange (BSE), Reliance Capital said Nippon Life, the seventh largest life insurer in the world, has completed acquisition of nine percent additional stake in RCAM.
Part of Reliance Capital, RCAM's enterprise value is pegged at around Rs.7,300 crore ($1.2 billion) following the latest transaction.
According to Reliance Capital, the entire transaction proceeds of Rs 657 crore (US$ 108 million) for this additional nine per cent stake has been duly received from Nippon Life.
The Japanese insurer has agreed to hike its holding in RCAM to 49 percent in two or more tranches.
It had earlier acquired 26 percent stake for around Rs.1,450 crore ($240 million).
"We are happy to strengthen our partnership with Nippon as they increase their stake in RCAM from existing 26 to 35 percent in first tranche," Sam Ghosh, CEO, Reliance Capital was quoted as saying in the statement.
"We believe their expanded role in the company will accelerate our growth, reach and performance in India and also help us in our global presence," he added.
Heatwave: Government alerted about heat wave after deaths in UP, convened meeting; Know why hot winds are dangerous
After several deaths due to heat waves in the Ballia district of Uttar Pradesh, the central government has been alerted about it. Let us tell you that Union Health Minister Mansukh Mandaviya will hold
Delhi-Noida border will remain sealed, new guidelines were released
New Delhi: New guidelines have been issued for Noida and the Delhi-Noida border will remain sealed. Only those people who will be able to show the pass will be able to come to Noida from Delhi. Apart
After Jamtara, Bihar's Nalanda is becoming the hub of cyber fraud, Delhi Police made many arrests
Delhi Police has arrested three people from Nalanda in Bihar on charges of cyber fraud. The names of the arrested accused are Gopal, Rohit and Sanjeet Chaudhary. With their arrest, the police have
Active cases declined from a peak of 10.17 lakhs to 9.01 lakhs, if this trend continues, by January one and a half lakhs will remain infected; 68.34 lakh cases so far
Once again, the number of patients recovering from new infections is high in the country. On Wednesday, 78 thousand 809 cases were received, while 83 thousand 209 patients were cured. 963 people died.
20 Days, 20 Steps: A look At Government’s Measures Against Covid-19 Amid Lockdown
सोमवार को, भारत ने 25 मार्च को प्रधान मंत्री नरेंद्र मोदी द्वारा घोषित
Amit Shah in Gujarat: Amit Shah's two-day visit to Gujarat from today, worship at Meldi Mata temple
Union Home and Cooperation Minister Amit Shah are on a two-day visit to Gujarat from today. Amit Shah started his Gujarat tour on the first day of Navratri by offering prayers at Meldi Mata Temple in
MP News: 13% results of MPPSC held, High Court imposed a fine of Rs 50,000 on the government, sought a list of candidates
The Jabalpur High Court has taken seriously the matter of withholding the results of 13 percent of the students of the Madhya Pradesh Public Service Commission (MPPSC) examination of the year 2019 and
Which state has how many vaccine doses left, read full information in one click
The Government of India has so far given approximately 18 crore vaccine doses to states and union territories. According to the Union Health Ministry, till today at 8 am, a total of 17,93,57,860
Delhi Government announces Rs.1 Crore for CRPF trooper
New Delhi, Feb 26 (IANS) The Delhi government Thursday announced Rs.1 crore as compensation to the family of a CRPF trooper killed by Maoists in Bihar's Gaya district Tuesday.Delhi resident
Jharkhand Polls Phase-1: 1.37 crore voters, 235 candidates are crorepatis, what is special in the first phase of elections?
The first phase of elections in Jharkhand is on Wednesday (November 13). In the first phase, voting will be held on 43 seats in 15 districts. Out of 43, 17 seats are reserved for general, 20 for
