Mumbai: Reliance Mutual Fund's name has now been changed to Nippon India Mutual Fund. With this, Nippon Life Insurance has a 75 per cent partnership in the company. Sundeep Sikka will be the ED and CEO of the company. There will be no change in the management of the company. The help of Nippon Life's international network will help the company expand. Nippon Life is a 130-year-old Japanese company.
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Reliance Capital (RCAP) signed a pivotal contract with Nippon Life Insurance of Japan to sell its partnership with Reliance Nippon Life Asset Management Limited (RNAM). The deal to finalize an amount of about Rs 6,000 crore to Reliance Capital from selling its stake in RNAM was finalized.
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In order of this contract, Nippon will also make an open offer of RNAM stake to public shareholders at Rs 230 per share, which will be as per the market regulatory norms. Thus the maximum promoter stake for listed companies will be achieved up to 75 per cent. For the minimum 60-day price determined as per the acquisition rules of the Securities and Exchange Board of India (SEBI), the value of the transfer represents a 15.5 per cent premium.
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