Reliance Capital will sell up to 1.93 crore shares, representing 3.15 per cent equity, in Reliance Nippon Life Asset Management (RNAM) for over Rs 505 crore on stock exchanges through 'Offer for Sale' route on Wednesday and Thursday.
Reliance Capital, which is one of the promoters of the RNAM, has an option to sell an additional a little over 1.93 crore shares in case of over-subscription, RNAM said in regulatory filing
Reliance Capital Ltd held 32.12 per stake in RNAM at June end, while the other promoter Nippon Life Insurance Company held 42.88 per cent state.
"The floor price of the sale shall be Rs 262 per equity share of the company," the filing said.
The floor price is less than the Monday closing of RNAM on BSE at Rs 285.65 apiece.
"Reliance Capital Ltd, one of the promoters of Reliance Nippon Life Asset Management Ltd (Company), proposes to sell up to 1,93,05,019 equity Shares of face value of Rs 10 each representing 3.15 per cent of the total paid up equity share capital of the company, through a separate designated windows BSE and the NSE...," RNAM said.
In June Reliance Capital had sold 10.75 per cent in RNAM for over Rs 1,450 crore to achieve the minimum public shareholding of 25 per cent in assent management company by reducing the promoter stake.
RNAM is the asset manager of Reliance Mutual Fund (RMF).