The scheme is part of Reliance Capital's Rewards Programme aimed at retaining and incentivising key employees for their contribution to the growth and profitability of the company.
"IIFL Special Opportunities Fund and its series 2 and series 3 by IIFL Asset Management have collectively acquired 2.59 per cent of paid up equity share capital of RNLAM through secondary market purchase," IIFL said in a statement.
The shares have been bought from US-based hedge fund firm Eton Park Capital Management.
The Anil Ambani group firm, Reliance Capital, will book capital gains on this final transaction in the quarter ending September 30, 2017.
"As a result of increase in debt and decline in revenue, the debt servicing capabilities of telecom companies have been adversely impacted. "The telecom industry's current financial problem to some extent can be attributed to the entry of a new telecom operator and its strategy of freebies to gain customer and market share," RCom said in a regulatory filing.
"If you ever asked what part of being an entrepreneur he (late Ambani) enjoyed the most, he would say, 'I enjoy creating wealth. But what I enjoy even more is in creating wealth for the people of the country,'" the Anil Ambani Group chairman said while addressing an industry event here.
He further said only one in 25 Indians invests in mutual fund products at present, but the investor base can be expanded 10-fold to 60 crore in five years.
Speaking here at a mutual fund industry event, the Reliance Group chairman said there are many ways of counting the benefits of GST and as many of counting its costs.
"India's mutual fund industry is today poised for its Jan Dhan moment," Ambani said here at an event of the Association of Mutual Funds in India (Amfi).
It could be the first initial public offering by a major asset management company (AMC) in India though smaller rival UTI MF's IPO plans have been in the works for a long time.
A briefing would mark a rare appearance by Ambani, 57, reflecting the difficulties facing Reliance Communications, widely known as RCom, India's seventh-ranked telecoms carrier by customers. Ambani has a net worth of $2.7 billion, according to Forbes.
The stock which has been under pressure since past few days fell further by 9.47 per cent to Rs 18.15 -- its 52-week low -- on BSE.
Offshore bonds due 2020 dropped five points to 64/69 cents on the dollar on Wednesday and have now lost a third of their value since the sell-off began two weeks ago.
Some banks have listed their exposure to Reliance Communications as a "special mention account" in their assets, according to a report in The Economic Times.
As part of the agreement between Reliance Infra promoted RDL and LIG Nex1, the two companies will explore opportunities for developing a range of defence products such as air defence and surveillance radar, sensors and missiles.
Jethmalani also hit out at Jaitley alleging that the row over the Delhi government's move to clear his bills for fighting the case has been "instigated" by the Union Finance Minister.
Reliance Infradevelopment offloaded a total of 18 crore shares over three days starting from March 20. The shares were sold in three tranches to Reliance Wind Turbine Installators Industries at different prices.
After making a killing with a 27-fold return from sale of Paytm stake, Anil Ambani-led Reliance Capital is eyeing "huge capital gains" from sale of other non-core investments, including two leading vineyards of the country.
Reliance Industries Chairman Mukesh Ambani said that he wished he had the infectious enthusiasm of today's youth in his earlier years.
"India and China are the largest digital markets in the world, and Reliance Capital intends to 'go digital' in all its businesses to serve the new age customers," Anmol said while addressing analysts along with his father and chairman Anil Ambani on business plans of Reliance Capital.
Speaking to CNBC-TV18, Nidhesh Jain said that the divestment announcement its non-core assets which includes Rs 2,000 crore of equity investments in listed and unlisted equities is also a major positive.
The proposed health insurer, Reliance Health Insurance, will be a wholly owned subsidiary of Reliance Capital. Retail health insurance is a profitable segment for the non-life industry.
In their first interaction with analysts on business plans of Reliance Capital, Chairman Anil Ambani and his son Anmol will brief them tomorrow on the path ahead for the group's financial services business.
The financial services arm of Reliance Group had invested Rs 10 crore for this stake in Paytm.
Ambani said the Group's focus will be to become a leading manufacturer and supplier of advanced weapon platforms and military hardware to meet the requirements of the armed forces.