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Reliance Capital releases pledge on 8.66 pc holding in subsidiary RNAM

PTI     May 27, 2019

New Delhi, May 27 (PTI) Reliance Capital Monday announced release of pledge on 8.66 per cent shareholding in its subsidiary Reliance Nippon Life Asset Management (RNAM) by two JM Financial entities. "Reliance Capital today (Monday) filed requisite disclosures with the stock exchanges intimating release of pledge over 8.66 per cent shareholding in RNAM, which had been created in favour of JM Financial Credit Solutions Limited and JM Financial Products Limited in April 2019," it said in a release through exchange filing. In a similarly worded release to exchanges, RNAM said, "Reliance Capital releases pledge on 8.66 per cent shareholding in Reliance Nippon Life Asset Management." Earlier last week, Reliance Capital had announced to exit the mutual funds business by selling its stake in RNAM to its joint venture partner Japan's Nippon Life Insurance. Both partners hold 42.88 per cent each in the company, while the rest is with public shareholders. Reliance Capital will receive proceeds of about Rs 6,000 crore through sale of its shareholding to Nippon Life Insurance at Rs 230 a share, and the simultaneous offer-for-sale to other financial investors. "The entire proceeds of Rs 6,000 crore will be utilised to reduce Reliance Capital's outstanding debt by 33 per cent," it had said. Shares of Reliance Capital traded 1.83 per cent down at Rs 134.10 apiece on the BSE; RNAM stock was down by 1.76 per cent to Rs 222.95. PTI KPM HRS

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