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On Thursday, Reliance Capital (Rcap) announces that it will exit the mutual funds business by selling its share in reliance Nippon Life Asset Management (RNAM) to its mutual fund business partner Japan’s Nippon Life Insurance. The share allocation is similar between both partners, i.e. 42.88 per cent each and the rest with public shareholders.
Rcap said it has a binding definitive agreement with Nippon Life Insurance of Japan. Contractual obligation to these agreements, Nippon Life will also make an open offer to the Public shareholders of RNAM at Rs. 230 per share, as a compulsion under the SEBI regulations and achieving the maximum allowed promoter shareholding of 75 per cent for listed companies. Rcap said in a regulatory filing.
The share price represents a premium of 15.5 per cent to the minimum 60-day price as mentioned under the SEBI “Take over regulations”. Further adding Reliance Capital said it will receive proceeds from the sale of its shareholdings to Nippon Life Insurance at Rs. 230 a share equaling figure of approximate 6,000 crores and the simultaneous Offer For Sale to other financial investing bodies.
The entire 6,000 crore proceedings will be used to reduce the Reliance Capital’s due debt by 33 per cent.
Rcp chairman Anil D Ambani further added, Our old and most valued partner, Nippon Life Insurance, is increasing its share in RNAM to 75 per cent. The monetization of RNAM share is the plan of our value unlocking approach. We consider this proceeding together with other deals in a transaction, to considerable reduce Rcap’s debt to more than 50 per cent in the current Financial year”.
For the above proceedings, JM Financial Limited is acting as an advisor to the Reliance Capital.
Currently, the shares of Rcap have listed 2.34 per cent higher a piece on Bombay Stock Exchange i.e. Rs. 131.35 a share.
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