Reliance Capital says completes stake sale in insurance biz

Reliance Capital said on Sunday it has received USD 680 million from Nippon Life after its deal to sell 26% stake in its insurance business was completed.

October 09, 2011 / 22:19 IST

MUMBAI (Reuters) - Reliance Capital said on Sunday it has received $680 million from Nippon Life after its deal to sell 26 percent stake in its insurance business was completed.

In March, Reliance Life Insurance -- valued at $2.6 billion after the deal -- agreed to sell a 26 percent stake to Japan's Nippon Life Insurance.

On Sept 30, Reliance Capital got approval from the Reserve Bank of India for the transaction, paving the way for the completion of the deal.

(Reporting by Ketan Bondre in Mumbai; Editing by Ed Lane)

first published: Oct 9, 2011 08:50 pm

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