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Nippon Life makes open offer to buy 22.49% stake in RNAM for Rs 3,179 cr; Reliance Capital exits mutual funds business
FirstpostAn open offer is a mandatory condition under SEBI guidelines for acquiring equity shares in a company by the acquirer company. New Delhi: Nippon Life Company on Friday announced an open offer to acquire nearly 22.49 percent stake in Reliance Nippon Life Asset Management for Rs 3,179 crore under a deal with Reliance Capital which is exiting the mutual funds business. Nippon Life Company would acquire up to 13.82 crore equity shares or about 22.49 percent shares of Reliance Nippon Life Asset Management at Rs 230 per share, according to the RNAM’s draft filed with regulator SEBI on Friday. Reliance Capital in May had announced to exit mutual fund business by selling its stake in Reliance Nippon Life Asset Management Ltd to its joint venture partner Japan’s Nippon Life Insurance. Reliance Capital has already signed the binding definitive agreements with Nippon Life Insurance of Japan.
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