Reliance Capital to sell 3.15% stake in Reliance Nippon to raise over Rs 505 cr through Offer for Sale

Mumbai: Reliance Capital will sell up to 1.93 crore shares, representing 3.15 percent 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 filingReliance 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.[caption id="attachment_6013191" align="alignleft" width="380"] Representational image. Reuters.[/caption]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 percent in RNAM for over Rs 1,450 crore to achieve the minimum public shareholding of 25 percent in assent management company by reducing the promoter stake.RNAM is the asset manager of Reliance Mutual Fund (RMF).