Nippon Life unveils open offer to acquire stakes in Reliance Nippon Life Asset
Nippon Life unveiled an open offer to acquire ~22.49% stake in Reliance Nippon Life Asset Management (RNAM) for Rs3,179cr under a deal with Reliance Capital which is exiting the mutual funds business.
Accordingly, the company will acquire up to 13.82cr equity share or about 22.49% shares of Reliance Nippon Life Asset Management (RNAM) at Rs230 per share, RNAM said in press note on Friday to the exchanges.
The transaction is to be payable in cash for a total consideration of Rs3,179.41cr.
Reliance Nippon Life Asset Management Ltd's share price ended at Rs219.55, up by Rs0.65 or 0.3%, from its previous close of Rs218.90 on the BSE.
The scrip opened at Rs221.65 and touched a high and low of Rs221.65 and Rs219, respectively. A total of, 16,06,990 (NSE+BSE) shares have traded on the counter. The current market cap of the company is Rs13,436.46cr.
Accordingly, the company will acquire up to 13.82cr equity share or about 22.49% shares of Reliance Nippon Life Asset Management (RNAM) at Rs230 per share, RNAM said in press note on Friday to the exchanges.
The transaction is to be payable in cash for a total consideration of Rs3,179.41cr.
Reliance Nippon Life Asset Management Ltd's share price ended at Rs219.55, up by Rs0.65 or 0.3%, from its previous close of Rs218.90 on the BSE.
The scrip opened at Rs221.65 and touched a high and low of Rs221.65 and Rs219, respectively. A total of, 16,06,990 (NSE+BSE) shares have traded on the counter. The current market cap of the company is Rs13,436.46cr.
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