Reliance Capital Ltd has completed the sale of its 21.54% stake in Reliance Nippon Life Asset Management Ltd (RNAM) to Nippon Life Insurance of Japan for ₹3,030 crore (approximately $ 430 million), the company said in a statement.
Reliance Capital will further monetise its balance 4.28% stake in RNAM worth ₹700 crore ($100 million), the statement said.
Reliance Capital had earlier sold 17.06% of its shareholding in RNAM, in three successive offers for sale, aggregating over ₹2,480 crore.
The entire proceeds from the RNAM stake monetization—around Rs6,200 crore—will be utilised to reduce Reliance Capital’s outstanding debt obligations.
“Based on the above, and other asset monetisation deals presently underway, Reliance Capital expects to reduce its debt by at least Rs. 12,000 crore ($ 1.7 billion), or 70% in the current financial year,” the company said.