Reliance Capital completes 21.5% stake sale in unit to Nippon Life

Reliance Asset Management will soon be renamed Reliance Nippon Life Asset Management, subject to approvals from relevant authorities. Photo: Abhijit Bhatlekar/Mint

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.

This article was first published on livemint.com

Singapore Reporter/s

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Following vacancies can be applied for (only in Singapore).   

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Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.