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Nippon Life Insurance Company has sent a letter of offer to public shareholders of Reliance Nippon Life Asset Management Ltd (RNLAM) to acquire up to 25.33 per cent stake in the latter's expanded voting share capital.
The open offer price has been set at Rs 230 per equity share and the maximum open offer consideration is Rs 3,582 crore. The offer opening and closing date have been set as July 23 and August 5, respectively.
The open offer is for acquisition of up to 15,57,42,818 equity shares, being 25.33 per cent of the expanded voting share capital of RNLAM at the offer price, payable in cash, according to Morgan Stanley India Company Pvt Ltd, the manager to the open offer.
The stake held by the acquirer as on the public announcement date (May 23, 2019) was 42.88 per cent of the existing share capital of RNLAM. The proposed shareholding of the acquirer after the acquisition of equity shares under the share purchase agreement and the open offer is pegged at 75 per cent.
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