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R-Cap gets Sebi nod for Nippon Life’s investment

Reliance Capital is set to close the transaction involving investment of Rs 1,450 crore by Nippon Life Insurance for a 26 per cent stake in Reliance Capital Asset Management

Mumbai | Published: June 14, 2012 12:51:26 am

Reliance Capital is set to close the transaction involving investment of Rs 1,450 crore by Nippon Life Insurance for a 26 per cent stake in Reliance Capital Asset Management Company very soon with the company receiving approval from the country’s market regulator Securities and Exchange Board of India (Sebi) and the Monetary Authority of Singapore on Wednesday.

Having already received the approvals from PFRDA,CCI and RBI,this will be the second investment by Nippon Life in ADAG Group. Earlier the foreign insurance major had invested Rs 3,062 crore in Reliance Life Insurance for a 26 per cent stakle in the company.

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