Nippon Life Insurance Co. agreed to acquire Reliance Capital Ltd.'s stake in Reliance Nippon Life Asset Management Ltd.
Through an open offer to the public shareholders of the asset management company and an acquisition from Reliance Capital, Nippon Life will raise its stake to 75% by acquiring an additional 32.125% stake for 45.2 billion Indian rupees.
Both partners currently hold 42.88% each in Reliance Nippon Life, while the rest is with public shareholders. JM Financial Ltd. acted as the adviser to Reliance Capital for the transaction.
As of May 22, US$1 was equivalent to 69.71 Indian rupees.