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Anil Ambani-led Reliance Capital is in talks with multiple investors to sell its remaining 11 per cent stake in Reliance Nippon Life AMC (RNAM). According to sources, RCap has initiated talks with Blackstone, KKR, Brookfield, Mubadala, TAA Capital, and General Atlantic for the stake-sale. When contacted, RCap declined to comment.
Of the 43 per cent equity in RNAM, RCap has sold 11 per cent through two offers-for-sale (OFS) in the past two months. RCap is in the process of selling another 21 per cent to its Japanese joint venture partner, Nippon Life Insurance Company. Nippon Life has also received another 11 per cent in RNAM from the public under the open offer. This will take Nippon Life’s stake in RNAM to the maximum permissible limit of 75 per cent. After this transaction, RCap will be left with 11 per cent stake in RNAM, which it is now trying to sell. “For this 11 per cent stake, RCAP expects a premium of about 15 per cent on the open offer price of ₹230, considering that RNAM is now 75 per cent owned by Nippon Life, making it a blue-chip company,” said a source.
RNAM was listed on the exchange through an IPO at a price of ₹252 a share in November 2017.
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