Reliance Cap concludes stake sale to Nippon Life for $290 mnAugust 17th, 2012 - 1:41 pm ICT by IANS
Mumbai, Aug 17 (IANS) Reliance Capital, a part of the Anil Ambani Group, Friday said it has concluded its 26-percent stake sale to Japan’s Nippon Life for $290 million, pushing its value to $1.1 billion in the largest such deal for an Indian asset management firm.
“The entire transaction proceeds of Rs.1.450 crore ($290 million) has been duly received from Nippon Life Insurance. The transaction pegs the total valuation of Reliance Capital at approximately Rs.5,600 crore ($1.1 billion),” the company said.
The board of Reliance Capital also announced the induction of Yutaka Ideguchi, Nippon Life’s general manager for international planning and operations, as a non-executive director and nominee.
Reliance Capital had signed final agreements with Nippon Life to sell 26 percent stake in Reliance Capital earlier this year, subject to a series of regulatory approvals all of which were granted recently.
Nippon Life is a 123-year-old Fortune 100 company and manages over $600 billion in assets, among the largest in the world for any life insurer. The company is the 5th largest life insurer in the world and number one in Asia and Japan.
Reliance Capital is the largest asset management company in India in terms of assets under management, with a portfolio of $28 billion across mutual funds, government sponsored public funds, managed accounts and hedge funds.
Nippon Life Insurance is already a strategic partner in Reliance Life Insurance, after acquiring a 26-percent stake for an aggregate value of $680 million, taking the valuation of the company to $2.6 billion.
- Nippon's pact for 26-percent stake in Reliance asset firm - Mar 22, 2012
- Reliance Capital gets regulator's nod to sell stakes to Nippon Life - Jun 13, 2012
- Nippon Life to buy into Reliance Group arm - Jan 19, 2012
- Nippon Life to invest $290 mn in Reliance Capital arm (Lead) - Jan 19, 2012
- Reliance Capital to consider special dividend: Ambani - Sep 04, 2012
- Reliance Capital to pay special dividend of 50 percent - Sep 10, 2012
- Reliance Capital pact with Nippon in areas beyond insurance - Sep 01, 2011
- Reliance Life concludes 26 percent stake sale to Nippon for $680mn - Oct 09, 2011
- Reliance Life gets central bank nod for stake sale to Nippon - Sep 30, 2011
- Reliance Life gets Nippon on board for $680 million - Mar 14, 2011
- Employees Provident Fund approves Reliance-Nippon stake deal - Aug 07, 2012
- Regulator's nod for Reliance Capital's 26 percent stake sale to Nippon - Sep 14, 2011
- Anil Ambani talks of unlocking shareholder value (Roundup) - Sep 27, 2011
- Reliance Life looks to next big steps in ties with Nippon - Oct 09, 2011
- Reliance Capital mulling bonus, banking entry: Ambani - Sep 27, 2011
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