You can switch off notifications anytime using browser settings.Reliance Capitals stake sell in mutual fund arm to be completed by month-endStock Analysis, IPO, Mutual Funds, Bonds & MoreReliance Capitals stake sell in mutual fund arm to be completed by month-endReliance Capital had announced in May that it had signed binding definitive agreements with Nippon Life Insurance of JapanReliance Capitals deal to sell its entire stake in mutual fund arm to joint venture partner JapansNippon Life Insurancewill be completed by the end of this month,RNAMCEOSundeep Sikkasaid on Monday. Post stake-sale,Nippon LifeInsurance will own 75 per cent stake in Reliance Nippon Life Asset Management (RNAM) for the long term, and the rest will be owned by public, including few marquee investors, Sikka said at the companys annual general meeting.

Sikka said that there would be a change in brand name following the completion of transaction and the company name in due course. However, there will not be any change in management team pursuant to this transaction.

Reliance Capitals stake sale to Nippon Life transaction to be completed by the end of this month, Sikka said.

Reliance Capital had announced in May that it had signed binding definitive agreements with Nippon Life Insurance of Japan. Under the deal, Reliance Capital will exit themutual fundsbusiness by selling its stake in RNAM to Nippon Life Insurance.

At the time of announcement, both partners held 42.88 per cent stake each in the company, while the rest was with public shareholders

Reliance Capital, which will receive Rs 6,000 crore through sale of its stake, will utilise the amount to pare its debt.

Speaking about corporate rate tax cut announced by the government last week, Sikka said the move will boost earnings by around 10 per cent.

Reliance Capital Ltd, the financial services arm of Anil Ambani-led Reliance Group, has interests in life, health and general insurance, commercial as well as home finance, stock broking, wealth management services, among others.

Planning to invest in mutual funds to build a retirement corpus? Here is what you should know.

(%)Mirae Asset Tax Saver Direct-G0.88-2.10-0.7313.4113.26Invest NowAxis Long Term Equity Direct-G5.513.626.8019.7412.69Invest NowMirae Asset Tax Saver Reg-G0.74-2.52-1.5911.4711.70Invest Now

– Returns less then 1 year are absolute and above 1 year are annualised.

– Returns of 1 year are absolute and above 1 year are annualised..

Start Investing with ICICI Prudential Mutual Fund. Click Here

Commenting feature is disabled in your country/region.

DownloadThe Economic Times Business News Appfor the Latest News in Business, Sensex, Stock Market Updates & More.

OnePlus 7 (Mirror Grey, 6GB RAM, Optic AMOLED Display, 128GB Storage, 3700mAH Battery)

OnePlus 7 Pro (Mirror Grey, 6GB RAM, Fluid AMOLED Display, 128GB Storage, 4000mAH Battery)

Investing in equity mutual funds via SIP for a five-year goal? Be prepared for a shock

It is the time to invest in small and mid cap mutual funds via SIP: Yogesh Bhatt of ICICI Pru MF

Reliance Mutual Fund is Nippon India Mutual Fund now. Should you exit?

Dont view gold as an asset class to meet long-term financial goals

Baroda AMC and BNP Paribas AMC decide to merge

Copyright © 2019 Bennett, Coleman & Co. Ltd. All rights reserved. For reprint rights:Times Syndication Service

Reliance Capitals stake sell in mutual fund arm to be completed by month-end

Baroda AMC and BNP Paribas AMC decide to merge

Canara Robeco Mutual Fund appoints Shridatta Bhandwaldar as head of equities

PPFAS Mutual Fund cuts TER on direct plan of Parag Parikh Long Term Equity Fund

Edelweiss AMC moves HC to recover dues from DHFL

Krishna Sanghavi quits Canara Robeco Mutual Fund

Kotak Mutual Fund launches Kotak Pioneer Fund

Mutual funds asset base rises marginally to Rs 25.68 lakh crore in Sep quarter

DHFL lenders may have to take up to 30% haircut

DBS expects RBI to make 20 bps rate cut this week

RBI likely to reduce repo rates by 25 bps on October 4: Goldman Sachs

Choose your reason below and click on the Report button. This will alert our moderators to take action