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Reliance Capital invites Nippon Life to acquire 42.88% stake in its mutual fund business

Anil Ambani’s Reliance Capital offers to sell its 43% stake in mutual fund business to Nippon Life

Nippon Life Insurance already holds 42.88 percent stake in Reliance Nippon Life Asset Management

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Reliance Capital on Thursday invited Nippon Life Insurance to acquire nearly 43 per cent stake that it holds in Reliance Nippon Life Asset Management (RNAM). The Japanese life insurance firm already owns 42.88 per cent stake in RNAM, the asset manager of Reliance Mutual Fund (RMF).

“Reliance Capital Ltd. has invited its partner, Nippon Life Insurance Co. Ltd. to make an offer to acquire up to 42.88% stake held by Reliance Capital in Reliance Nippon Life Asset Management Ltd. (RNAM),” Reliance Capital said.

The company management didn’t provide any further details. Further announcements shall be made at the appropriate time, the company also stated.

Earlier today, Reliance Communications (RCom) requested the lenders for their approval to release nearly Rs 260 crore that it received in income tax refunds.

“Reliance Communications group has requested urgent approval from its lenders to release approx. Rs 260 crore received from Income Tax refunds, lying in its bank account, directly to Ericsson,” RCom said in a regulatory filing.

“RCOM is confident of raising the balance approx Rs 200 crore for payment to Ericsson, in order that the entire Rs 550 crore plus interest thereon stands paid to Ericsson well within the time of 4 weeks allowed by the Hon’ble Supreme Court,” it added.

On Wednesday, Supreme Court held RCom chairman Anil Ambani guilty in contempt for not paying dues worth Rs 550 crore to Ericsson.

The Supreme Court said in its ruling that RCom chairman Anil Ambani, Reliance Telecom chairman Satish Seth and Reliance Infratel chairperson Chhaya Virani breached the undertaking given to the apex court and the related orders.

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