Nippon Life acquires nine percent stake in RCAM

Posted on 27th Feb 2015 05:28 pm by mohit kumar

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.

Other news

'Delhi's dilapidated roads will be repaired before the elections', CM Atishi and Kejriwal told the priority of the government

Former CM Arvind Kejriwal and CM Atishi held a press conference regarding the bad roads of the ca

Karnataka Techie Suicide: Wife's harassment, 120 dates in two years, and bribery... fed up IT professional chose death

After facing harassment from his wife and her family 120 court dates in two years, and still not

Chinese Apps Ban: India's digital strike on China, Modi government will ban 54 Chinese apps

The Indian government has once again launched a digital strike on China. According to sources, th

500 million people were killed by Spanish flu in 1918, every third human being in the world was infected

The world is fighting the coronavirus today. Even a large country like India is staggering. But t

Firing in Detroit: Three killed in a public shooting in Detroit, Michigan; Police looking for 'gunbaaz'

Police have arrested a suspect suspected of a violent shooting in Detroit, Michigan. Detroit Poli

India making three lakh PPE kits throughout the day, hundreds of crores of industry standing in 3 months: PM Modi

Prime Minister Narendra Modi is currently addressing through video conferencing to mark 125 years

IND vs ENG: Jonny Bairstow's bat did not work against India, could not score a single half-century in eight innings

Jonny Bairstow could not perform anything special in the ongoing five-match Test series between I

Bhopal gas scandal was more dangerous than Visakhapatnam

Bhopal

 

In the early hours of Thursday in Visakhapatnam in Andhra Pradesh,

D Gukesh: Rajinikanth left his job for his son, mother took care of the house; Gukesh became a world champion due to the sacrifice of his parents

D Gukesh, who became the youngest world chess champion by defeating China's Ding Liren, was raise

Covid-19: Daily positivity rate reduced by less than half a percent in the country, 2568 new cases were found, 97 deaths

Amidst the news of a new wave of corona in China, there has been relief news that the daily posit